Monte Paschi Swings to Quarterly Loss on Loan-Loss Provisions
Monte Paschi CEO Targets Profit Boost in Job Cuts
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Banca Monte dei Paschi di Siena SpA slipped into a loss in the third quarter after setting aside more money for bad loans as part of a restructuring plan under Chief Executive Officer Marco Morelli.
The net loss of 1.15 billion euros ($1.3 billion) in the three months through September compared with a profit of 255.8 million euros a year earlier, the Siena-based lender said in a statement Tuesday. Provisions for bad loans rose to 1.3 billion euros while the common equity Tier 1 ratio fell to 11.5 percent from 12 percent at the end of last year.