Italy’s UniCredit stops advertising with Facebook over ethical issues
London/Milan — UniCredit will stop using Facebook for advertising, alleging the media giant hasn’t acted ethically, a move other large companies have also threatened to make.
CEO Jean Pierre Mustier said the Italian financial group will not have any business relations with Facebook because the bank maintains that it hasn’t acted properly. He was referring to business activities including advertising and marketing campaigns, a spokesperson for UniCredit said. The bank currently has a swath of Facebook accounts — which are regularly updated.
A spokesperson for Facebook declined to comment.
Facebook, along with US tech companies including Alphabet and Twitter, have been under fire for failing to monitor where advertisements are placed. But few companies have actively banned all advertising on Facebook.
Unilever and Sonos have previously threatened to pull ads from tech platforms.
In late July, Facebook’s shares fell more than 20% after second-quarter revenue showed the first signs of user disenchantment in the midst of public scandals over privacy and content. The company has been under fire following revelations that personal information on as many as 87-million users ended up in the hands of Cambridge Analytica, a political consulting firm that worked on Donald Trump’s presidential campaign. Mozilla, which develops the Firefox web browser, said in March it would pause its ads from appearing on Facebook as a result.
However Facebook’s revenue, fueled by mobile advertising sales, increased 42% to $13.2bn in the second quarter.