A new industrial plan in discontinuity with the previous one which provides for a capital increase of 2.5 billion euros. This is what was established by the board of directors of Monte dei Paschi di Siena, with the approval of the strategic plan for the period 2022-2026, which replaces the old one, which had a horizon of 2025. A document that will have to be examined by the ECB and the European Commission, which does not contain precise information on the number of redundancies, which are quantified by the trade unions at around 4 thousand.
Mps, capital increase and 4 thousand jobs at risk: the redundancy rate
The number would have been obtained from the report of the CEO Guido Bastianini, presented to the Commission of inquiry on banks led by the deputy of the M5s, Carla Ruocco, in which 4 thousand exits from the staff of Mps were hypothesized (here we have summarized the history of Monte dei Paschi backwards from the failure of the Unicredit acquisition).
The quota calculated in January of 2,500 layoffs on the current 21,300 employees would not, in fact, be more adequate (here we had assumed the number of redundancies in the event of a merger with Unicredit).
They would all be “voluntary redundancies and to be agreed with the unions”, reasoned the CEO of the Sienese bank, for a cost estimated in approximately 950 million euros compared to 315 million savings starting from 2026.
“The preparation of the new plan will require a few weeks of work, a comparison with the DG Competition and presupposes the prospect of a company that is able to walk on its own feet“, Bastianini specified.
Given that the bank is in a state aid regime, he continued, “we will have to review the perimeter of the group, eliminate the parts that are not profitable, the cost structure will have to be examined, in particular personnel, perhaps the only component that Mps failed to complete “the 2017 public bailout agreements” while the commitments on branches and NPLs were continued “.
According to the president of the Banking Commission, Carla Ruocco, it will be necessary “to obtain from the EU an appropriate extension of at least twelve months. Europe will have no difficulty in satisfying the request ”.
Mps, capital increase and 4 thousand jobs at risk: the plan
The objectives of the new plan, for “a new and leaner MPS” which foresees a pre-tax profit of around 700 million for 2024, will have to pass through the approval of Brussels. Furthermore, the European Commission still has to express itself on the timing and methods of the exit of the Ministry of Economy and Finance from the capital of the bank, of which it is a shareholder for 64.23%.
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