The first would be the arrival-return in Piazza Meda of the ex’s right arm Ceo of the Sienese Morelli group, Andrea Rovellini. The former chief financial officer and deputy director of Mps, before the eight years spent in the bank of the City of the Palio culminated with the pole position for the role of chief executive officer if the government has opted for one internal appointment in post-Morelli, he trained professionally in Bpm, institute of which it has now become the new risk manager. A valuable banker, therefore, who knows most of the two structures and the two different corporate cultures.
The second would be the stalling by Castagna in total reopening of the 500 branches closed during the Covid emergency management. To date, even under pressure from the unions, they have been reopened (in May) only 250. And on the remaining 250 (out of 1,700 in all, for 21 thousand employees), according to Affaritaliani.it, the damper will remain inexplicably lowered until after summer, although the situation in the country is normalizing and the other banks have all reopened, always in safety, their branches.
As for the branches, the red thread leading to Siena would be that of the geographical location of the branches: if you go to see the location of most of the 250 branches on which the shutters are still lowered, in addition to the 115 branches located mainly in Lombardy, the region most affected by Covid-19, the remaining 135 are scattered throughout the national territory, in areas where there is a coexistence with those of the betrothed indicated by rumors Montepaschi.
“The management is implementing a creeping business plan“, Explains ad Affaritaliani.it Piero Marioli, Fabi coordinator for the BancoBpm group, referring to the new industrial strategies that Ceo Castagna will have to present by year-end 2021. Strategies that will update the plan of March 3 launched in full swing Covid and immediately sent to the attic for the sudden change of the macro scenario.
“Want preparing the bank for a new phase of rationalization to make Banco Bpm compatible with Mps“Marioli said that on Friday with the other acronyms he denounced the risks of a future downsizing of the network, in addition to that already announced, with repercussions on employment, in a joint union statement. Hence, the request of the employee representation associations ad immediately raise the damper on the remaining 250 branches closed during the lockdown.
The postponement to after the summer is seen as a take time to prepare the bank for the risk of the new merger season (on 1st January 2017 the one between Banco Popolare and Bpm). And this key also reads what has just been explained by management to analysts of Equity in a recent meeting to take stock of the business con the Sim. Business in which the focus of Castagna is focused on a “further rationalization of the real estate“(With disposals for another billion on 3.6 billion provided for in the current plan) and afurther reduction of operating costs. For unions, that is, scissors that will fall on staff.
With the branches closed, the economy in recession and a recovery that will be slow, it will be difficult to do business: therefore it is precisely from the further (not surprisingly) transfers of Banco’s real estate assets that the resources necessary to finance the redundancy fund could come which would allow Piazza Meda to take the via di Siena.