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Monte dei Paschi to cut 5,500 jobs, reduce assets.

Global Banking News-July 6, 2017--Monte dei Paschi to cut 5,500 jobs, reduce assets

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Global Banking News - 06 July 2017

Italian lender, Banca Monte dei Paschi di Siena SpA (ISE: ISP) (ISP.MI) (OTCBB: ISNPY) is planning to cut thousands of jobs and sell assets under a five-year restructuring plan, The Gulf News has reported citing a statement from the bank.

The plan is part of an agreement with the European Union, under which the bank will receive EUR5.4bn (AED22.41bn) (USD6.1bn) in state aid.

Under the plan, the bank expects to reduce its workforce by 5,500, close 600 branches and dispose of EUR28.6bn of bad loans by 2021, the Siena-based bank said. The bank is aiming for a net profit of more than EUR1.2bn (USD1.6bn) by 2021, with a return on equity at 10.7 percent, it added.

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Publication:Global Banking News (GBN)
Date:Jul 6, 2017
Words:174
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