UniCredit SpA announced a management restructuring. Gianfranco Bisagni and Olivier Khayat were named co-heads of corporate and investment banking. They are deputy co-heads and will be promoted on Sept.

1. They will continue reporting to GianniFranco Papa, the deputy general manager of UniCredit and head of CIB who will take up an expanded general manager role. Head of internal audit Ranieri de Marchis, and chief financial officer Francesco Giordano will become co-chief operating officers. Mirko Bianchi, CFO of UniCredit Bank Austria, will be group CFO.

COO Paolo Fiorentino and group CFO Bernardo Mingrone will leave the struggling Italian lender. Marina Natale will head the strategy and mergers and acquisitions team for the period of the strategic review. In addition, Andrea Casini, general manager of Bulgaria, and Giovanni Ronca, general manager of the New York branch, will be co-heads of the group's Italian network.

Gabriele Piccini will step down as head of Italy and take another position.