Monte Paschi outsources back-office ops, 1,100 jobs

MILAN Fri Nov 29, 2013 9:26am EST

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MILAN Nov 29 (Reuters) - 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)