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 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.