UniCredit, Italy's biggest bank by assets, has lured back Jean-Pierre ­Mustier, its former investment banking chief, to be chief executive. He is set to start on July 12th.

Mr Mustier’s ascent to the top job at UniCredit is a comeback for one of Europe’s most experienced bankers. He left UniCredit, where he was head of the corporate and investment banking division, 18 months ago to join Tikehau, an asset management boutique. He was previously head of investment banking at Société Générale.

Mr Mustier faces the task of turning round a bank with about €80 billion in bad loans. Bankers say the institution has lost its way and suffered board infighting.– Copyright The Financial Times Limited 2016