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Anonymous shared this review of UniCredit on Jan 8th, 2019
"UniCredit Bank Moscow is well-known for its corruption and crooked HR policy. With no doubts, it is the worst bank in the Group in terms of corporate governance. Working in the bank, one will also meet incompetent and unprofessional management, discrimination, bribery in various forms, career begging and many other disgusting stuff. The Group corporate values are not working here. They are fake, set to make an impression for naïve employees and clients. Actually, many Russian banks are more “civilized” than UniCredit Moscow. The fact seems very strange because a western bank is implied to have solid corporate governance procedures. However, it is not so. The following details explain this. CROOKED HR POLICY Violations of internal HR procedures are normal at UniCredit Moscow. The procedures may be ignored by management if there is a personal benefit. Control over procedures is weak. Candidates are cheated. Interesting and perspective positions are not published as they should be because they are distributed through designated people in an uncompetitive manner. The main principle of HR policy is “kumovsto”, which is a Russian word meaning corruption in HR appointments. Under the principle, relatives and close friends are preferred. It is how people really work and make career at UniCredit Moscow. For example, there is a unit where children of the Bank’s top management start their careers. There are also many relatives among employees of the bank. This rises questions about how they were hired: in an honest and competitive procedure or just as a result of some secret agreements. According to rumors, CEO of UniCredit Moscow, appointed his relative and good friend as a member of Management board. It might be true because the career of this person was extraordinary quick as if somebody helped him. Staff table is heavily manipulated. Jobs are set not as they are needed to improve efficiency of the bank, but to satisfy the interests of its managers. In many cases new jobs are no supported by decisions of MB and BD. They are not in compliance with the strategy of the bank. Even in such a small detail, cheating of the bank’s stakeholders flourishes very well. Once more, all they are telling about corporate values is not true. CAREER BEGGING Due to weak HR policies, career begging is widely spread at UniCredit Bank Moscow. At an ordinary company, promotions are based on merits. However, at UniCredit the approach does not work, although declared in internal policy. SALARIES & BONUSES They are below the market level resulting in high personnel turnover. Approximately 30% of employees leave the bank every year. Bonuses are paid once a year, but a lot of malfunction occurs during their distribution. Certainly, it’s not a fair and transparent process since there is low correlation between the amount of work performed and the reward. The position and relations are more meaningful factors. Lack of control over management of the bank is the main reason for this. ROTTEN CEO As a fish rotting from its head, many issues originate from the values and actions of its top management. Analyzing background of managers helps understanding all problems. CEO of Unicredit Bank Moscow, is a former employee of Russian Ministry of Finance, which is a bureaucratic governmental organization. Certainly, it was not a good choice to appoint former official as the head of international group bank because he does not have any international experience. That’s why corruption in the form known as “kumovstvo” has widely spread throughout the bank culture. As a person in power, he promotes his close friends and relatives to high positions in the Bank. Even his secretary, is his close friend from previous work and benefits from CEO’s position, because her salary is much higher than a salary of much more professional employees performing core banking responsibilities. Under CEO’s governance, UniCredit Moscow has been involved in some corruption and illegal affairs. Besides, CEO has really bad reputation. He was a member of Aeroflot’s Board of Directors. The company is famous for its discrimination approach to employees and clients. There are a lot of legal cases when Aeroflot discriminated its stewardesses and passengers. It’s really unbelievable that a guy with such bad reputation is the head of international bank branch. "
Anonymous shared this review of UniCredit on Jul 2nd, 2017
"It is very hard to get a promotion; lohg hours"