MILAN, Oct 31 (Reuters) – With Italy mired in its longest
recession since the Second World War, the country’s hard-pressed
banks are cutting jobs, closing branches and infuriating unions,
but the cuts are far too modest to achieve the profitability
gains they need.
So far, lenders including Banca Monte dei Paschi di Siena
, IntesaSanpaolo and UBI Banca have
announced that they will close or merge nearly 3,000 branches
and cull 19,000 jobs by 2015, prompting unions to call on
Thursday the first national bank strike in 13
MILAN, Oct 28 (Reuters) – Capital gains from the sale of
equity investments helped to lift Mediobanca’s
first-quarter net profit by 57 percent from a year ago,
offsetting a fall in trading income and lower fees at the
Italian investment bank.
Mediobanca posted a net profit of 171 million euros ($236
million) for the three months to Sept. 30, its first quarterly
results since announcing in June that it would move away from
decades of equity investments aimed at gaining influence at top
Italian companies to concentrate on its core banking business.
MILAN, Oct 17 (Reuters) – Michele Ferrero, Italy’s richest
man and the owner of a global chocolate and confectionery
empire, has always resisted the temptation to allow outsiders to
buy into his company.
In a statement on Thursday, his son Giovanni, the Chief
Executive of the Ferrero group, rejected suggestions the Italian
company had been approached by larger Swiss competitor Nestle
and said Ferrero was not for sale.
MILAN/ROME, Oct 7 (Reuters) – Bowing to European Union
requests, loss-making Italian bank Banca Monte dei Paschi di
Siena unveiled thousands of new job cuts on Monday and
asset sale plans in a bid to return to profit and stave off
Italy’s third-largest lender by assets had received 4.1
billion euros ($5.57 billion) in special state loans earlier
this year after the euro zone crisis and a derivatives scandal
brought it to the brink of collapse.
#MontePaschi to unveil its tough new restructuring plan later today. It needs to buy in investors to avoid nationalisation. #Italy #MPS
MILAN (Reuters) – Italy’s state investment firm is taking over one of the country’s top power companies to prevent yet another part of Italy Inc from falling into foreign hands.
The country’s top telephone firm recently became Spanish, and its flag carrier is poised to become French.