Thursday, July 06, 2017

A Sigh Of Relief Breathed For Now

Monte dei Paschi to cut 5,500 jobs in EU-approved restructuring plan

The world’s oldest bank, Monte dei Paschi di Siena, has received the European Union’s formal approval for a five-year restructuring plan and thousands of job cuts. Italy’s fourth-largest lender will receive a 5.4 billion-euro state bailout, which will remove a considerable weight from the country’s financial system. The state will take a 70 percent stake in…