Shares in Monte dei Paschi di
Siena (MPS) bank soared 30% to 0.35 euros a share in Monday
trading. It was taken out of trading for excessive voltaility
after some 14% of its total capital changed hands. Also on
Monday, the MPS board met to examine the business plan of new
CEO Marco Morelli and to approve the lender's third-quarter
financial results. The bank is currently working to execute a
rescue project approved in July providing for a
five-billion-euro capital boosting plan and the sale of 28
billion euros in bad loans. The plan could reportedly include
3,000 layoffs at Italy's third-biggest and the world's oldest
bank.
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