- redundancies needed to convince Unicredit to buy at least part of the Monte dei Paschi di Siena they could reach altitude 7mila. He writes it today The Sun 24 hours, emphasizing that negotiations are still open between the Ministry of the Economy, owner of 64% of the capital of Mps, and the Milanese bank, the only claimant to have come forward to take over Montepaschi. It goes on to the bitter end.
The knot linked to personnel is one of the most complex to overcome in order to reach an agreement. According to the Confindustria newspaper, Unicredit would have “identified in around 6/7 thousand the number of redundancies of MPS only".
Moreover, the cut should be made before the merger: otherwise, it would be difficult for Unicredit to judge the operation sustainable from a financial point of view.
At the forefront are the current ones 15 counter staff of Monte dei Paschi di Siena (a number well above the market average), which should be reduced by about a third.
Overall, the scissor kick would be really heavy. For this, probably, it will accompany the refinancing of the redundancy fund. However, the intervention risks significantly increasing the bill for public coffers, given that the State will also participate in the capital increase necessary to cover the holes in Monte's budget.
Meanwhile, Patrizia Grieco has sent a letter to employees in which she reports that last September's board of directors examined the progress made so far in the data room dedicated to UniCredit. "The activity is proceeding in compliance with the established times and commitments", writes Grieco, to then add that the board of directors "will monitor and supervise the progress of the structural solution launched, reiterating its utmost commitment towards all to ensure that the values and the bank's wealth of expertise".
Grieco does not add any other details on the negotiation, but assures that the bank will continue to keep employees updated on the main developments.
