The board of directors of Monte dei Paschi, chaired by Patricia Grieco, yesterday approved the new 2022-26 strategic plan which is now being examined by the ECB and the European Commission with which the mef, which is the controlling shareholder in the Sienese bank, is discussing new terms of the exit from the capital.
The plan postulates, from next year, a recapitalization from 2,5 billion euros in view of a gradual return to profit, expected at 700 million pre-tax in 2024. Annual savings of up to 275 million are also foreseen for voluntary redundancies of staff, which should mainly take place in 2024, but the plan does not exactly quantify the extent of the redundancies, which will obviously still be the subject of negotiations with the Mef and with the unions and which already in the recent past was considered one of the obstacles for the operation, then shelved, of the sale of Monte to Unicredit. Recently the CEO of MPS had assumed a total of 4 outgoing employees and the plan seems to be inspired by that reference.
In 2024 the Monte should also, according to the plan, have a Cet1 fully loaded of 14% and a cost/income ratio less than 60%.
A positive opinion on the new MPS plan was expressed by the general secretary of the banking sector Cisl (First Cisl), Riccardo Colombani, however, according to which the involvement of the trade unions is also essential in the development of the plan: "The valorisation of workers must truly constitute the most important strategic lever".
