Paschi CEO Said to Push for Drastic Cost Cutting in Revamp Plan

Banca Monte dei Paschi di Siena SpA’s chief executive officer will seek to drastically cut costs and increase fees from commercial businesses to build investor support for a planned share sale.

Luigi Lovaglio is finalizing a strategic plan that will include as much as 5,000 job exits and a number of actions to increase streamline the bank structure, according to people familiar with the matter. The restructuring will be financed through a capital increase of about 2.5 billion euros ($2.7 billion), said the people asking to not be named as the plan is still private. The plan is currently …