Monte dei Paschi to Cut Jobs and Close Branches in Turnaround Bid
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Marco Morelli, second from left, chief executive of Banca Monte dei Paschi di Siena, announced a new turnaround plan for bank on Tuesday in a news conference in Milan. CreditAlberto Bernasconi/Bloomberg
LONDON — Banca Monte dei Paschi di Siena, the beleaguered Italian lender, said on Tuesday that it would slash jobs, close branches and sell some businesses as it seeks to convince investors to back its plan to raise new capital.
The latest turnaround plan, unveiled by the new chief executive, Marco Morelli, comes at a critical time for the bank, which was the worst performer in stress tests conducted this year by the European Banking Authority, which regulates lenders in the European Union…
Monte dei Paschi to Cut Jobs and Close Branches in Turnaround Bid
