Italy’s Monte dei Paschi plans 2.5 bln euro cash call to fund new strategic plan

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MILAN — 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) (Reporting by Valentina Za, editing by Giulia Segreti)

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