Agence France-PresseOctober 7, 2013 12:46
Italian bank Monte dei Paschi di Siena said Monday it will carry out a 2.5 billion euro ($3.4 billion) capital increase by the end of 2014 in a new restructuring plan with 5,300 job cuts by 2017.
The bank, which reported a net loss of 380 million euros in the first half of 2013, also said it expected a net profit of 900 million euros in 2017.
The restructuring plan was approved by the board but will now have to go to the European Union for an official go-ahead, the statement said.
It also said it was planning to pay back 3.0 billion euros of a state loan by 2014.