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Monte dei Paschi envisages 1,600 layoffs in new plan - union representative

Reuters

MILAN (Reuters) - Banca Monte dei Paschi's new business plan to 2019 envisages 1,600 layoffs, on top of another 1,400 previously announced by the Italian lender, a union representative said on Monday.

The labour official made the statement as he was entering the premises where the bank's board was discussing the new business plan.

He also said the new plan would include 300 new hires.

(Reporting by Giancarlo Navach; editing by Silvia Aloisi)