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Banca Monte dei Paschi di Siena SpA / To cut another 3,360 jobs

Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, pledged to cut an additional 3,360 jobs and increase capital to win support from the European Union for 4.1 billion euros ($5.6 billion) in state aid.

Monte Paschi will target a total of 8,000 staff reductions by 2017, up from an estimate of 4,640 by 2015, according to a plan approved by its board today. The lender already trimmed its employment force by 2,700, according to end-June figures, the Siena-based bank said in a statement on its website.

“This is a solid restructuring plan, built upon a strong turnaround track record, clearly identified actions and prudent macroeconomic assumptions,” Chief Executive Officer Fabrizio Viola said during a conference call with analysts today.

Chosen excerpts by Job Market Monitor. Read the whole story at 


via Paschi to Cut Extra 3,360 Jobs in $5.6 Billion Rescue Plan (1) – Businessweek.


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