Marco Morelli (pictured) has been appointed chief executive officer and general manager of Italian financial group Banca Monte dei Paschi di Siena.
The group’s board of directors unanimously voted for his appointment, stating Morelli had “the best profile” of all candidates, due to his “broad international experience along with his deep knowledge of the Italian banking industry”. A spokesperson said he will receive an annual fixed salary of €1.4 million, plus benefits.
The appointment has been submitted to the European Central Bank for approval.
Morelli replaces Fabrizio Viola, who has voluntarily agreed to leave, pending discussions with the group’s board. Viola will support Morelli for the next month at least, as part of a phased transition.
Since October 2012, Morelli has served as Bank of America Merrill Lynch’s vice chairman of corporate & investment banking for Europe, the Middle East and Africa, and the firm’s Italian executive.
Prior, he was chief executive and general manager of JP Morgan’s Italian division and in the past has worked for UBS, Samuel Montagu and KPMG.
Banca Monte dei Paschi di Siena is the world’s oldest surviving bank, and Italy’s third largest by assets. However, it emerged as the weakest bank in Europe during stress tests this summer.
In the past week, it has also lost chairman Massimo Tononi, and faced renewed pressure from both national and EU regulators to dispose of around €30 billion in non-performing liabilities.
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