Popolare di Vicenza cutting 575 jobs

(ANSA) - Milan, September 30 - The Banca Popolare di Vicenza bank confirmed it is shutting down 150 branches and cutting 575 jobs, union sources said after meeting with bank management Wednesday.
    The bank forecast a return to profit in 2016 with gains of 200 million euros in 2018 and a 0.4% reduction in labor costs by 2020.
    The bank is trying to obtain a capital increase of 1.5 billion euros, union sources said.
    "Recapitalization will be difficult but not impossible," the sources cited CEO Francesco Iorio as saying during the meeting. President Giovanni Zonin was placed under investigation earlier this month over alleged stock manipulation and obstruction of regulatory authorities at the medium-sized Italian lender.
    The bank's former general manager, Samuele Sorato, is also being probed.
    Finance police searched Banca Popolare di Vicenza offices in Milan, Rome and Palermo in relation to the probe by prosecutors in the northern city of Vicenza.
    In recent weeks some account holders filed complaints to prosecutors, sources said.