The Italian bank UniCredit has adjusted its sales target for this year downwards. The bank was unable to achieve revenue growth in recent months, against its own expectations. UniCredit points with an accusing finger at the slowdown in growth of European economies and the sale of an online banking unit, which depressed revenues.

UniCredit saw revenue fall 4.6 percent to 4.5 billion euros in the second quarter of this year. The bank earned less money with lending, trade and commissions and subsequently lowered its revenue forecast this year from 19 billion euros to 18.7 billion euros. The profit, helped by the sale of the banking unit, rose sharply by 81 percent to 1.9 billion euros.

The previously announced profit target kept the bank up and running, also helped by cost savings. Thousands of jobs have recently disappeared at UniCredit and another thousand jobs are at risk. Operating costs were 4.4 percent lower on an annual basis in recent months.

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