Home Economy News Monte dei Paschi prepares to close 50 branches – letter to unions

Monte dei Paschi prepares to close 50 branches – letter to unions

by
Economy3 minutes ago (Sep 15, 2021 11:53AM ET)

(C) Reuters. FILE PHOTO: View of the logo of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. REUTERS/Jennifer Lorenzini

MILAN (Reuters) – Monte dei Paschi di Siena is preparing to close 50 branches in line with commitments taken with European Union authorities under its restructuring plan through 2021, according to a copy of a letter the state-owned bank sent to unions.

The letter dated Sept. 15 seen by Reuters said the closures would lead to cutting 70 staff out of a total of 843 affected by the decision. The 70 people will be reallocated within the bank’s network, it said.

Monte dei Paschi had no comment.

Italy’s Treasury, which owns 64% of Monte dei Paschi following a bailout in 2017, is discussing a sale of the Tuscan bank to UniCredit.

In announcing the exclusive negotiations at the end of July, UniCredit CEO Andrea Orcel had said a decision could be expected by mid-September, but sources close to the matter say reaching an accord is complex and will require longer.

UniCredit has agreed to consider taking on only “selected parts” of Monte dei Paschi to boost its presence in the Tuscany, Veneto, Lombardy and Emilia Romagna regions.

Monte dei Paschi prepares to close 50 branches – letter to unions

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related News