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 the Tuscan bank, while the lender's chairman said the state would exit in 2021, but added that nothing ruled out an earlier withdrawal.


READ MORE : http://www.euronews.com/2017/07/05/monte-dei-paschi-to-cut-5500-jobs-in-eu-approved-restructuring-plan

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