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

MILAN Fri Nov 29, 2013 9:31am EST

A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome September 24, 2013. REUTERS/Alessandro Bianchi

A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome September 24, 2013.

Credit: Reuters/Alessandro Bianchi

MILAN (Reuters) - Banca Monte dei Paschi di Siena (BMPS.MI) 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 (ACN.N), 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)