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- 3 Dec 2025
- 3 Days
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Leaders in Finance: Stefano Porro, Chief Financial Officer, UniCredit Group
On April 11th, 2025, MCF CANDIDATES met Stefano Porro, Chief Financial Officer of UniCredit Group. He offered a comprehensive overview of macroeconomic trends, their implications for the banking sector, and the strategic priorities of Group Finance at UniCredit.
Mr. Porro opened with a macroeconomic outlook marked by heightened uncertainty. Recent geopolitical conflicts, financial market volatility, and slowing GDP growth since 2021 raised concerns about economic resilience. Inflation, while currently on a downward path, remains a significant factor influencing monetary policy and market sentiment.
He emphasized that the US tariff hikes - now at their highest levels since the early 1900s - pose substantial challenges to global trade and GDP growth. The rise in protectionist measures and retaliatory risks both complicates trade dynamics but also impacts consumer confidence and spending.
Mr. Porro then delved into sector-specific developments. The banking industry is currently facing a complex mix of decreasing interest rates, wage drift, increased digital investments, and persistent uncertainties in macro trends. A shift toward “capital-light” business models and cost mitigation efforts are central themes, as banks seek resilience and agility.
Looking ahead, Mr. Porro forecasted a gradual easing of interest rates during 2025, with the ECB’s deposit facility rate expected to stabilize between 1.75% and 2.25%. While this offers a modest tailwind for economic recovery, he warned of continued market fragility influenced by geopolitical events, inflation trends, and policy uncertainties.
Through candid reflections and a sharp macro-financial lens, Stefano Porro provided MCF Candidates not only with a snapshot of the current economic environment but also with a powerful example of leadership anchored in analytical rigor and strategic foresight.
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