Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Monte dei Paschi chairman says talks of CEO replacement are groundless

Published 08/26/2016, 06:57 AM
Updated 08/26/2016, 07:02 AM
© Reuters. Banca Monte dei Paschi di Siena Chairman Profumo and CEO Viola attend a news conference in Siena

MILAN (Reuters) - The chief executive of Banca Monte dei Paschi di Siena (MI:BMPS) Fabrizio Viola has the full backing of the lender's chairman and reports he will be replaced are groundless, the bank's chairman said on Friday.

A report by Il Giornale daily cited financial sources as saying Viola would be removed.

"The reports regarding a replacement of the CEO are completely unfounded," Massimo Tononi said in a statement.

Viola and former chairman Alessandro Profumo are under investigation for alleged false accounting and market manipulation.

Viola and Profumo were drafted in back in 2012 to turn the bank round after its balance sheet was wrecked by overpaying on the purchase of a rival bank and engineering risky derivatives trades.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.