Siena, the medieval city renowned for its Palio horse races, is home to the world’s oldest bank. Within its aging walls lies a distinctly 21st-century tale of devastation wrought by local politicians and global financiers.
UniCredit SpA Chief Executive Officer Alessandro Profumo stepped down, ending his 13-year tenure as head of Italy’s largest bank, after clashing with shareholders over Libyan investments in the company.
Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, pledged to cut an extra 3,360 jobs and increase capital to win European Union support for 4.1 billion euros ($5.6 billion) in aid. The shares surged.
The risk of the euro area breaking up is minimal even as a lack of political leadership to resolve the region’s debt crisis undermines the currency, says Alessandro Profumo , chief executive officer of UniCredit SpA, Italy’s biggest bank.
Banca Monte dei Paschi di Siena SpA, the bailed-out bank embroiled in a fraud probe, may approve tougher cost-cutting measures to win European regulators’ support for state aid and attract new investors.
Banca Monte dei Paschi di Siena SpA, the bailed-out bank embroiled in a fraud probe, delayed approval of a restructuring needed to win regulator support for state aid as the authorities complete their review of the plan.
Former UniCredit SpA Chief Executive Officer Alessandro Profumo is among 20 executives being examined in a tax-evasion probe that led a Milan court to seize 245 million euros ($337 million) of the bank’s assets, court documents show.