MILAN Nov 29 Banca Monte dei Paschi di Siena has reached an agreement to outsource its back-office operations and move 1,100 workers to a joint venture between Italian company Bassilichi and consultancy Accenture, it said on Friday.
The deal, which had been expected after months of negotiations, is part of a tough restructuring plan for the troubled Italian lender, which is cutting 8,000 jobs and shutting 550 branches.
Monte dei Paschi said in a statement the 1,100 workers involved will all be hired by the joint venture, in which Bassilichi has a 60 percent stake and Accenture the remaining 40 percent.
The bank, which gave no financial details about the deal, has an 18-year contract with the joint venture starting in January. (Reporting by Silvia Aloisi, editing by Danilo Masoni)