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Italian Bank Loses 3 Billion Euros in Wake of Scandal

Posted: Apr. 17th, 2013  |  By Michael Pearse
MontePaschi Bank

Headquartered in Milan, MontePaschi of Italy lost an astounding 3 billion euros over 2012 amidst a scandal involving people who were among the highest ranked individuals in the company. With plans to sue former head employees, and even an arrest involved, the bank will still likely survive as it has now done for centuries. 

The troubled Italian bank Monte dei Paschi di Siena on Thursday reported higher-than-expected losses of 3.17 billion euros ($4 billion) for 2012 as it was hurt by a trading scandal and bad loans.

Analysts surveyed by FactSet had forecast losses of 2.2 billion euros. The results were only a mild improvement from the 2011 losses of 4.7 billion euros.

The bank said it set aside more than 2.67 billion euros in 2012 to cover possible loan losses and booked one-off restructuring costs of 311 million euros. To save cash, the bank has cut 1,000 jobs with an additional 600 expected by July, and closed 200 branches.

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