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Michael Diederich joined Bayerische Vereinsbank AG (now UniCredit Bank AG) in 1996, after a three-year experience in a consulting and auditing firm. He started as a Trainee in International Markets, worked in the equity capital markets syndicate, and served as an Executive Assistant for the Corporate Customer Division until the end of 2000.

Following three years of work at Communication Equity Associates in Munich, he re-joined UniCredit Bank AG in 2003, holding various responsibilities in the Markets and Investment Banking Division. In 2009 Michael Diederich became a divisional board member of UniCredit Bank AG in the Corporate & Investment Banking Division, followed by the Unternehmer Bank Division. Here he headed the large corporate segment for the bank.

In September 2015, after a brief experience as CEO of Euler Hermes Kreditversicherung AG, he was appointed a member of the Management Board of UniCredit Bank AG in charge of the Corporate & Investment Banking Division as well as a member of the Executive Committee of CIB UniCredit S.p.A.

On January 1, 2018, he took over the role of Spokesman of the Management Board at UniCredit Bank AG and CEO of Commercial Banking, and Member of the Executive Management Committee of UniCredit S.p.A.

Since May 2021, he is a Spokesman of the Management Board at UniCredit Bank AG Head of Germany and a Member of the Group Executive Committee (GEC) of UniCredit S.p.A.