The lender already trimmed its employment force by 2,700, according to end-June figures, the Siena-based bank said in a statement on its website.
'This is a solid restructuring plan, built upon a strong turnaround track record, clearly identified actions and prudent macroeconomic assumptions', CEO Fabrizio Viola said during a conference call with analysts.
The bank, which is targeting net income of about $1.2bn in 2017, will cap management pay at $679,000 annually and reduce administrative costs by $597.4m by 2017. The company said it will carry out the $3.4bn capital increase by the end of next year.
Monte Paschi expects EU approval of its restructuring plan by 14th November, it said.
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