“On the reduction of the workforce we have a commitment with the EU. We have to get to cut 8 employees: 5.500 have already been cut, another 2.500 will be by 2018". Furthermore, “we want to close 350 branches, which means lower operating costs”. This was announced yesterday by the managing director of Monte dei Paschi di Siena, Fabrizio Viola, speaking in front of financial investors. “For the moment these are the targets on cost efficiency – he added -. But the cost reduction will not be as strong in 2016 as in 2014 and 2015”.
Viola promoted the government's new measures for the recovery of difficult credits, but specified that it will be used for the future, not for the past. The decree will be useful "for new non-performing loans, I don't think for our stock". This is a preliminary assessment of the decree and "I will be happy - added Viola - to be able to change the assessment of the stock" following a more in-depth examination of the measures launched last Friday.
Meanwhile, yesterday Mps announced a profit of 93 million in the first quarter and an upcoming plan for NPLs.
Today, mid-morning, the MPS share on the Stock Exchange gains 4%, to 0,6575 euros, achieving the best rise of the Ftse Mib.
