Italian bank Unicredit is overhauling its management as part of moves to improve the bank's financial health.

Unicredit CEO Jean Pierre Mustier said the changes, announced Tuesday, are the first step "in the simplification of the group," with an aim to "streamline and improve its efficiency."

The moves at Italy's largest bank by assets include reducing the number of direct reports to the CEO.

Key appointments include GianniFranco Papa as general manager charged with developing products and driving digital strategy, and Ranieri de Marchis and Francesco Giordano as co-chief operating officers.

The bank is also in the midst of a strategic review which is to be completed by the end of the year. Mustier said the main goals are to improve capital and reduce costs.