February 7, 2020 / 10:48 AM / 12 days ago

Monte dei Paschi posts Q4 loss, fails to meet restructuring plan goals

MILAN, Feb 7 (Reuters) - Italy’s Monte dei Paschi di Siena reported on Friday a 1.2 billion euro ($1.3 billion) loss for the fourth quarter, hit by new tax rules which forced the state-owned bank to write down the value of its deferred tax assets.

Monte dei Paschi said it had failed to reach profit targets agreed with the European Union under the terms of its bailout and would be forced to cut operating costs by an additional 100 million euros by the end of next year. ($1 = 0.9132 euros) (Reporting by Valentina Za, editing by Stephen Jewkes)

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