Italian bank UniCredit on Monday outlined a long-awaited strategic plan, saying it would shake up of its investment bank, reorganise its central and east European businesses and launch a €7.5bn capital increase.

The plan was announced alongside a surprise €10.6bn third-quarter net loss, down from €334m net profit a year earlier, and caused largely by an €8.7bn goodwill write-down intended to clean up its balance sheet following an earlier acquisitions spree.