Italy's third largest bank to slash its workforce

   The third largest bank by asserts in Italy has announced to cut its workforce by 6500 in 2017 . According to the management of the firm the overhaul process will include the closure of nearly a thousand out of over three thousand of its branches across the globe but mainly in Italy .
   The exercise is to raise funds of about £10.6 billion and to write off the bad debt from its balance sheet in order to raise profitability .