Bloomberg Italian lender Banca Monte dei Paschi di Siena SpA laid out a five-year restructuring plan that includes cutting thousands of jobs and selling assets as part of an agreement with the European Union that lets the bank receive 5.4 billion euros ($6.1 billion) in state aid. The lender plans to reduce headcount by 5,500, close 600 branches and dispose ...

Bloomberg China’s banks are weaning themselves off short-term debt — with a little help from the authorities. The amount of negotiable certificates of deposit outstanding is likely to drop by the end of this quarter, according to 15 of 26 traders and analysts polled by Bloomberg last month. That would be the first quarterly decline since the instruments were introduced ...

Bloomberg UBS Group AG is consolidating its wealth management business in Europe and emerging markets to streamline operations, expanding the role of top executives in much of the region. Cross-border operations will be combined with domestic businesses in a set-up that will reduce the number of offshore booking centers from about 10 to three — Switzerland, Germany, and the UK. ...