, Columnist
The Impossible Italian Job
New boss faces a struggle to get through the next three months.
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Monte Paschi is losing its head at the worst possible time. The bank's already trying to pull off a complex and risky plan to simultaneously raise capital and shed bad loans to avoid a painful state rescue. Now it's ousting its CEO.
To avoid snapping already stretched investor nerves, the replacement must be swift, credible and focused on addressing the obvious market doubts about the bank's latest promise to turn itself around.