April 12, 2017 / 2:20 PM / in 2 years

Monte Paschi still negotiating job cuts with EU Commission-CEO

SIENA, Italy, April 12 (Reuters) - Monte dei Paschi di Siena is still negotiating with the European Commission how many jobs the bank will have to cut to be allowed to receive state aid, Chief Executive Marco Morelli said on Wednesday.

Morellli’s own business plan, unveiled in October, envisaged 2,600 layoffs but he said the restructuring plan that will be agreed with Brussels will have “a much more stringent approach” in terms of cost and revenue targets.

Morelli told a shareholder meeting he did not know what the final number of job cuts would be. (Reporting by Silvia Aloisi; editing by Francesca Landini)

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