Mps, the CEO presents the new industrial plan: a profit of 900 million is expected in 2026 and voluntary exits for four thousand employees

Useful of about 900 million at the end of the plan, in 2026, with a return to the distribution of dividends from 2025; completion ofcapital increase from 2.5 billion and a resource optimization plan that provides for voluntary exits for four thousand employees and a reorganization of the branches. The industrial plan of the Monte dei Paschi di Siena presented today by the group’s CEO, Luigi Lovagliowhich will have to lead the bank on new shores by starting over – explains the CEO – “from its roots, from the strength of the brand, from the talent of the people and from its vocation as a commercial bank”.

In the plan illustrated to analysts and the press, MPS envisages a profit before taxes equal to 705 million in 2024, which will rise at the end of the plan a 909 million with return to the distribution of dividends starting from 2025, on the basis of a pay-out ratio (the percentage of profits distributed to shareholders in the form of dividends) of 30%. The MPS plan also provides for a significant strengthening of the Bank’s capital position following the completion of the capital increase of 2.5 billion expected by the end of 2022, which will see the support of the Ministry of Economy. The board of directors, in fact, reads the note, “took note of the availability of the Mef, owner of a stake equal to 64.23% of the Bank’s share capital, to support the capital initiatives that the Bank will undertake for capital strengthening within the framework of the 2022-2026 Strategic Plan, for its share at market conditions “.

To achieve the goal, a plan is underway voluntary exits through the Solidarity Fund which will affect about four thousand people, with cost savings equal to 270 million on an annual basis starting from 2023, against restructuring costs of approximately 800 million. An optimization of the distribution network with the reduction of 150 branches (of which 100 by 2024), which will bring the total number to approximately 1,218. A new one is also coming internal organization, with the Chief Commercial Officer Division divided into three Departments, each of which will be led by managers within the Group. A turning point that for Lovaglio must represent “a first important functional step towards achieving the objectives of the plan, for streamline And speed up processes with a simpler and more agile organization and a sharing within the Bank of all the skills that we will put at the service of customers, to whom we will be ever closer “.

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