Italy’s MPS: financial advisers a key asset to restore credibility

In the current economic scenario, the network of financial advisers remains a key resource for Italy’s troubled lender Monte dei Paschi di Siena, according to the senior management at the bank.

Speaking at a company event in Siena, chairman Alessandro Profumo (pictured) said that a new focus on the client and on his needs will be one of the biggest opportunites offered to banks to gain back the reputation lost during the crisis.

Financial advisers are in the best position to drive this change, and MPS remains committed to the development of its network as a strategic asset, as included in the bank’s 2015 industrial plan, Profumo said.

“The 2015 plan will focus on transform volume productivity into services productivity. Advisory will be a key tool to implement the change,” chief executive Fabrizio Viola added.

The Italian bank also confirmed a recruitment plan for financial advisers and investments to make the network more efficient.

Mario Incrocci, head of MPS’s financial advisers network said the bank’s top management should enable financial advisers to drive the change.
“The management should invest internally to enable the network to gain market share and should train resources to target a selected client base,” he said.

In September, the bank failed to meet capital targets set by the European Banking Authority which required to plug a capital shortfall by the end of June.
In order to restore its losses, MPS is planning to close 400 branches and cut 4,600 jobs.

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