Italy's Monte dei Paschi di Siena appointed Marco Morelli as its new chief executive on Wednesday, handing the 54-year-old banker the tough job of persuading investors to back a third cash call in as many years. Monte dei Paschi emerged as the weakest lender in Europe in industry stress tests in 2014 and again in July and the government of Prime Minister Matteo Renzi has made helping the bank a priority.
A full-blown crisis would destabilise the country's lenders and the government itself, sending shock waves through the entire euro zone, which is still reeling from Britain's June vote to leave the European Union. Morelli, who will take on as CEO on September 20, was currently head of Bank of America Merrill Lynch in Italy. He worked at Monte dei Paschi until 2010, both as deputy general manager and chief financial officer.
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