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 …