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.
UniCredit SpA , Italy’s biggest bank, reported fourth-quarter profit that beat analysts’ estimates after a tax gain helped cushion higher provisions for bad loans in Germany and costs to overhaul units.
Italian President Giorgio Napolitano was elected to a second term after accepting a last- minute appeal from party leaders to run again, a step that may resolve the nation’s political crisis two months after inconclusive elections.
Intesa Sanpaolo SpA , Italy’s second- biggest bank, said first-quarter profit declined 4 percent as the company’s tax rate increased and higher trading income failed to offset a slump in earnings from the insurance unit.