Banca Monte dei Paschi di Siena (MPS) posted a loss of 360 million euros ($363 million) for the third quarter, primarily caused by restructuring costs, it said in its results Friday.

The price of cutting 4,000 jobs was 925 million euros, with financial benefits from the headcount reduction expected as early as December. The state-controlled bank included the costs of the layoffs, including voluntary departure incentives in last quarter’s books.

Capital Increase

MPS, which received an 8 billion euro state bailout five years ago, raised 2.5 billion euros at the beginning of November to finance the program. The newly issued shares lifted the bank’s core capital ratio to 14.7 percent at the end of the quarter, compared to 10.8 percent at the end of the previous quarter.

Revenues in the July-September period weakened from the prior quarter but increased by 4 percent over the previous year with higher interest rates contributing to an increase in net interest income, more than offsetting lower net fees.

Without the redundancy costs, the bank's net profit for the nine months was 565 million euros. Pre-tax profit amounted to 150 million euros. There was also a positive tax effect of 415 million euros.