What will I do in Unicredit. Orcel’s letter
What Andrea Orcel, the new CEO of Unicredit, wrote to the employees of the group
Goodmorning everyone,
I am incredibly honored to have been appointed CEO of UniCredit. This is the culmination of my career in the financial sector, where I started working from the age of 25. Over the years, I have had the opportunity to observe different aspects of the system, both directly and through the eyes of many leaders. All this time, UniCredit has been a constant presence for me, one of the key customers. In a way, I came home today.
I accepted this role because banks have always been thrilling, dynamic and stimulating environments for me to work in. It's a challenging task and every CEO has a huge responsibility to shape and steer their institution in the right direction. I am sure my work at UniCredit will be no exception.
I accepted the position because I believe that the banking system is an integral part of the functioning of society. Together, both as individuals and as members of a team, we have a duty to push ourselves beyond our comfort limit to improve customer support and experience. Our job is to enhance the community, allowing our customers to achieve their goals, thrive and lead the lives they want thanks to the sacrifices of their respective jobs.
Banks do more than just move the gears of society. They provide opportunities. They allow the young student to continue his studies beyond high school. They allow a young family to buy their first home. They allow the entrepreneur capable of developing an idea and building his company from scratch, offering jobs and opportunities to others.
We should all be proud to work for an institution capable of having such a decisive impact on the many facets of a person's or a family's life.
Yet, at a certain point, our sector seems to have partially forgotten about it. We have become too sure of ourselves, sometimes complacent. We took our position for granted. We have accepted not to change our standards, always moving our goals further. Today it is our responsibility to once again demonstrate our added value to everyone.
As we look to the future, the focus of all our decisions and actions will become the achievement of excellence with merit. I would like to remind everyone of the reason for our presence on the market. We do not work only to offer customers what we believe they need, but to ask them how we can help them and therefore find the best and fairest way to do it.
If we are able to achieve such a result, with dedication, passion and integrity, we will not only give this important institution back its rightful place within the sector and among the communities in which it operates, but we will also remind everyone of our ability as a bank to help people and help make their dreams come true.
To achieve such an ambition, major and urgent changes will be required.
By observing innovators in any field, we know that what defines them is their ability to push boundaries, see things differently, and make difficult decisions that few are willing to take risks.
My goal is to become innovators in our field with you. Create a bank that does not remain inert, but that seeks innovation. A bank that goes beyond expectations and therefore exceeds them. This requires a change of mindset, and the ability to believe that the impossible is now possible.
I have heard many times before that the obstacles faced in daily operations make true progress impossible. Well, we will remove these obstacles together one by one.
We will focus on reducing complexity by simplifying the way we make decisions and work together. We need to streamline our business so we can operate faster and more clearly and deliver positive results for all shareholders. It is an ambition to which many aspire, but which few, indeed very few, manage to achieve. I believe we will become one of those very few.
We need to increase the pace of digitization and the adoption of new technologies. Technology will no longer be in the background. It will become an integral part of how we conduct our business, as are the talent we hire and the capital we employ. It will be present in everything we do, fundamental for every decision we make and crucial in every strategic choice we will consider. Making the right choices in a timely manner for a concrete impact is critical to the success of our business and the services we provide to our customers.
I am committed to supporting employees, so that everyone has the means to successfully compete in local markets and reclaim their rightful place within the communities served. I ask you to put customers at the center of our world. Great things are expected of us, and we must repay their trust and loyalty.
For our shareholders, the message is that of profitable, sustainable growth, consistent with our economic-social role and focused on the areas where we are able to create real added value.
This ambitious program will be built on a foundation of discipline and rigor. It is not without risk. It does not promise a simple life. Not always everything will work out the way we want it or the way we expect it to. We don't have to be ashamed. From now on, however, if we want people to think differently, we need to chart the course that leads us to explore new and better ways of carrying on the tradition, distinguishing ourselves. We must be ambitious, seek change also by trying new paths. If necessary, we must risk failure, taking responsibility for it, learning from mistakes and managing it, to become better and stronger people. A better and stronger bank.
Ours will not be an easy path to take. I know that periods of true change are always upsetting, but I am sure that every decision I make will be designed to achieve excellence with merit. My every decision will be based on simple questions. Is this the right thing? Was it done right? I will always be present at every step and during the most difficult choices. It is the only possible path. It's the right one for our business.
I will be open and transparent. I will find a way to engage and listen. I will ask everyone to challenge their limits and provide solutions, and will share our plans as we come to conclusions.
If you are able to trust me, I will have no doubts in trusting you. If we are able to work together, with a shared determination and a constant commitment to achieving concrete and tangible results, then there is no doubt: UniCredit has the resources, the tenacity and above all the talent to guide us towards the future.
This is the bank I want to build, and you are the people I want to build it with. This is the culture that I ask you to create with me.
Thank you,
Andrew
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/cosa-faro-in-unicredit-la-lettera-di-orcel/ on Fri, 16 Apr 2021 13:29:56 +0000.