Monte Paschi May Cut 6,000 Jobs If No Partner Is Found

Banca Monte dei Paschi di Siena SpA may cut up to 6,000 jobs if it opts not to merge with other banks, La Stampa reported, without saying where it got the information.

Should Paschi decide for a standalone option it will have to slash costs and jobs and close about 60 branches as outlined in a plan presented to the board on Wednesday, the newspaper said. The bank is also reviewing options to boost capital, and directors will meet Dec. 17 to review a proposed strategic plan.

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