Monte dei Paschi details aid plan

Banca Monte dei Paschi di Siena laid out a painful restructuring plan yesterday, a day after the world’s oldest bank was forced to take state aid, and said it would be looking to new investors in seeking to raise up to €1bn in new equity capital over the next five years. Under the plan the Italian lender said it aims to slash its loan book, close 400 branches and cut 4,600 jobs, and also estimated it would sell €1.5bn of new bonds to the Italian treasury, against a maximum of €2bn approved by the government on Tuesday.