Monte dei Paschi merger eyes Gianni Franco Papa as CEO while Siena leaders demand job and heritage safeguards

The planned integration of Banca Monte dei Paschi di Siena into the BPER banking group is set to place Gianni Franco Papa, BPER’s chief executive since April 2024, at the helm of the new Monte dei Paschi entity. The move follows a long‑standing pattern in Italian banking where the acquiring institution provides the top leadership.

Local Forza Italia representatives in Siena have warned that any restructuring must protect the bank’s 30,000‑piece art collection, retain the headquarters at Palazzo Salimbeni, and safeguard thousands of jobs. They emphasise that the bank’s cultural and economic role in the city should remain unchanged despite the merger’s broader market implications.