Exterior of UniCredit headquarters in Milan
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UniCredit will have to raise over $10bn to counter record losses

UniCredit is to shed 5,000 staff and is preparing a 7.5bn euro (£6.4bn; $10.2bn) rights issue as the eurozone crisis takes its toll.

The Italian bank reported a 10.6bn euro loss in the three months to September due to writedowns of eurozone debt.

UniCredit holds 38bn euros of Italian government bonds and its shares have halved in value since January.

Jeremy Howell reports.

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