Monte Paschi Plan Envisages Profitability, Hundreds of Job Cuts
A pedestrian enters a Banca Monte dei Paschi di Siena SpA bank branch in Rome.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Banca Monte dei Paschi di Siena SpA expects to get 2 billion euros ($2.4 billion) to shore up its balance sheet this year and forecast a return to profitability in 2022, part of a five-year plan the troubled Italian lender plans to submit to the country’s regulator.
The bank expects to report a loss of 562 million euros for this year and post net income of 41 million euros next year, rising to 559 million euros in 2025. More than 1,500 jobs will be eliminated, the bank said late Friday.