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Italian bank plans cash boost amid 5,300 job cuts

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Italian bank plans cash boost amid 5,300 job cuts
Banca Monte dei Paschi di Siena's headquarters. Photo: Stefano Costantini/Flickr
08:48 CEST+02:00
Italian bank Monte dei Paschi di Siena said Monday it will carry out a €2.5 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 in the first half of 2013, also said it expected a net profit of €900 million 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 of a state loan by 2014.

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