Italian bank Intesa lays out ambitious recovery plan

MarketsAssociated Press

Italian bank Intesa SanPaolo says that it will consider partnership with a big asset manager as part of it new five-year business plan.

The bank on Tuesday laid out an ambitious plan that calls for earnings of 6 billion euros ($7.4 billion) by 2021, up from 3.8 billion euros last year, as it cuts 9,000 jobs and closes another 1,100 branches. The 2017 profits exclude a one-time state contribution for Intesa's role in the take-over of two regional banks.

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The bank aims to become one of Europe's top asset managers, as it moves debt recovery and real estate into a new company.

The bank reported fourth-quarter net income of 1.4 billion euros, up from 776 million euros, including gains from the sale of its stake in a mutual fund platform.