Banca Monte dei Paschi di Siena SpA executives are under pressure from investors to fully disclose losses from derivative contracts as shareholders prepare for a key vote on its government rescue this week.
Monte Paschi shares fell 8.4 percent in Milan today, extending yesterday’s 5.7 percent drop after Il Fatto Quotidiano said former managers signed a derivative with Nomura Holdings Inc. three years ago that will cut earnings by 220 million euros ($293 million) in 2012. The lender pledged a full review of its accounts after Bloomberg News reported on Jan. 17 that Monte Paschi also engaged in a swap with Deutsche Bank AG that obscured losses before the bank’s bailout in 2009.
