Monte dei Paschi shows restructuring progress in third quarter

MILAN (Reuters) - State-owned bank Monte dei Paschi di Siena on Friday showed that its restructuring is advancing when it reported a third-quarter net profit driven by cost cuts that offset lower revenue and one-off charges.The Tuscan bank's ability to turn itself around is key for its merger prospects, which would make it easier for the government to sell its holding as required by European Union rules on state aid."They're doing a good job of cleaning it up," said a British hedge fund manager..