stockmarket

Italy's Monte dei Paschi plans 2.5 billion euro cash call to fund new strategic plan



© Reuters. FILE PHOTO: People are seen inside a Monte dei Paschi di Siena bank in Rome, Italy August 16, 2018. REUTERS/Max Rossi

MILAN (Reuters) – Italian state-owned bank Monte dei Paschi di Siena on Thursday said it would raise 2.5 billion euros ($2.6 billion) in capital to fund a new strategic plan aimed at cutting costs and improving profitability.

Monte dei Paschi said it would reduce costs to 60% of its income in 2024 from 71% last year including by laying off around 4,000 staff with a one-off cost of 800 million euros.

($1 = 0.9464 euros)



READ SOURCE

Read More   Meme Stocks Gain As AMC Squeeze Trends On Twitter

This website uses cookies. By continuing to use this site, you accept our use of cookies.