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Chief executive of Italian bank Monte Paschi di Siena (BMPS) Marco Morelli speaks during a press conference to announce plans to cut 2,600 jobs and close around 500 branches in a bid to turnaround the troubled lender, on October 25, 2016 in Milan. BMPS, the world's oldest bank still operating today, unveiled the overhaul as it posted a net loss of 1.15 billion euros ($1.3 billion) in the third quarter, sparking volatile trading in its shares.Losses linked to loans led to the result, which compared to a net profit of 255.8 million euros in the same period a year earlier, the bank said. But under new chief executive Marco Morelli, the bank now aims to cut costs by closing about a quarter of its 2,000 branches and slashing personnel costs by nine percent over three years. / AFP / Giuseppe CACACE (Photo credit should read GIUSEPPE CACACE/AFP/Getty Images)

Chief executive of Italian bank Monte Paschi di Siena (BMPS) Marco Morelli speaks during a press conference to announce plans to cut 2,600 jobs and close around 500 branches in a bid to turnaround the troubled lender, on October 25, 2016 in Milan. BMPS, the world's oldest bank still operating today, unveiled the overhaul as it posted a net loss of 1.15 billion euros ($1.3 billion) in the third quarter, sparking volatile trading in its shares.Losses linked to loans led to the result, which compared to a net profit of 255.8 million euros in the same period a year earlier, the bank said. But under new chief executive Marco Morelli, the bank now aims to cut costs by closing about a quarter of its 2,000 branches and slashing personnel costs by nine percent over three years. / AFP / Giuseppe CACACE (Photo credit should read GIUSEPPE CACACE/AFP/Getty Images)
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AFP GIUSEPPE CACACE