Troubled Italian lender Banca Monte dei Paschi di on October 25 said it would cut 2,600 jobs, shut 500 branches and sell business units as part of a make-or-break plan aimed at persuading skeptical investors to buy into a multibillion-euro capital increase.

The bank plans to cut personnel costs by 9%, accelerate investment in digital banking and place greater focus on its retail and small-business channels to achieve a net profit of more than €1.1 billion ($1.2 billion) by 2019.