Monte Paschi outsources back-office ops, 1,100 jobs

Banca Monte dei Paschi di Siena (BMPS.MI) has reached an agreement to outsource its back-office operations and move 1,100 workers to a joint venture between Italian company Bassilichi and consultancy Accenture (ACN.N), it said on Friday. Monte dei Paschi said in a statement the 1,100 workers involved will all be hired by the joint venture, in which Bassilichi has a 60 percent stake and Accenture the remaining 40 percent. The bank, which gave no financial details about the deal, has an 18-year contract with the joint venture starting in January.

via Business News - Yahoo Finance http://finance.yahoo.com/news/monte-paschi-outsources-back-office-143128232.html