Monte Paschi to Cut 3,360 Jobs in $5.6 Billion Rescue
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Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, pledged to cut an extra 3,360 jobs and increase capital to win European Union support for 4.1 billion euros ($5.6 billion) in aid. The shares surged.
Monte Paschi will shed 8,000 staff by 2017, up from a previous goal of 4,640 reductions by 2015, it said on its website yesterday. The Siena-based company will also carry out a 2.5 billion-euro share sale next year and reduce administrative costs by 440 million euros by 2017.