Monte Paschi Extends Gains as CEO Prepares New Business Plan
- Lender scheduled to present new plan on Monday evening
- Bank may target more than $1.1 billion in annual profit
Monte Paschi CEO Targets Profit Boost in Job Cuts
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Banca Monte dei Paschi di Siena SpA extended gains in Milan trading as Chief Executive Officer Marco Morelli prepares to present a new business plan considered crucial for its survival.
The shares jumped as much as 31 percent before trading was halted. That’s the biggest intraday gain since January. The Siena, Italy-based lender surged 58 percent in the past week, helping pare losses this year to about 70 percent.