Mps, over 4 thousand employees leaving early. The CEO: “A turning point, now the best is coming”
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«We are faced with a turning point in the life of Monte dei Paschi and the best is yet to come ». The CEO is satisfied and confident Luigi Lovaglio than yesterday in Siena presented the accounts for the third quarter of the year and took stock of the situation with analysts after the capital increase closed positively. Monte dei Paschi closed the first nine months of the year with a loss of 360 million euros, compared to the profit of 388 million made in the same period last year, but the minus sign must be attributed to the cost that was necessary to “leave” over 4,000 employees: all requests for early exit arrived at the bank – there were a total of 4,125 – they will in fact be welcomedalthough they are higher than initially foreseen by the restructuring plan of the bank.
This decision was welcomed by trade union representativescommitted to the search for the best protections and guarantees for workers affected by the complex and difficult phase of reorganization and the integration operations of the group companies. Net of the costs to be incurred for early exits, the first nine months of 2022 would have closed with profits of 565 million euros, with a result therefore higher than the same period last year. The bank closed the first nine months of the year with double-digit growth in gross operating profit, an increase of 13.5%, and in the interest margin, which grew by 15.7%. Lovaglio reassured that the relief of so many workers (representing about 20% of total employees) in a short time it will have no negative impact on the bank’s customers: the operation will guarantee savings of around 300 million euros starting as early as 2023.
So much so that the CEO is even confident of hitting the objectives of the industrial plan in advance and of being able to advance part of the expected dividend to shareholders in 2024. Having completed the 2.5 billion increase, Lovaglio said, “we allows us to be in a position to make the most of the bank’s great potential in the coming quarters. We can begin this new era having already accounted for the restructuring costs and paving the way for a future of better and better results, which has already begun. We have already laid the foundations for the next few years and we plan to reach the objectives of our plan in advance “. For the CEO, Monte dei Paschi “will become a transparent and simple bank, capable of generating a gross profit of 700 million at the end of the planalso relying on our historic brand “. So much so that there is the possibility of being able to anticipate the dividends relating to the net profit expected for 2024. Lovaglio also added that he did not see any signs of credit deterioration due to the complex macro situation determined mainly by the costs for energy raw materials and by the arrival of a recession for the Italian economy, which was predicted in agreement by all observers.
November 12, 2022 | 09:41
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