The world’s oldest bank to cut 4,000 jobs, raise €2.5 billion

Italy's Banca Monte dei Paschi di Siena SpA said Thursday that it would raise up to 2.5 billion euros ($2.64 billion), slash thousands of jobs and close dozens of branches as part of its multiyear plan to revamp its balance sheet, turning a page on a chapter that saw the lender undergo state recapitalization and the disposal of billions in bad loans.