ROME – The chief executive of Italy's troubled Monte dei Paschi di Siena has resigned after the bank was the worst performer in the recent stress test of EU banks.
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The Tuscan bank announced the departure of Fabrizio Viola in a statement after a board meeting late Thursday. It said the search for a replacement is under way and Viola will remain in place until the successor is named.
The world's oldest-running bank, Monte dei Paschi di Siena is among the most troubled of Italy's banks, which are struggling with 360 billion euros ($400 billion) in soured loans.
After the EU stress test, Viola had announced a 5 billion euro capital increase from private sources.