Lovaglio Triumph in Paschi Battle Hinged on Top Investor’s Vote

Luigi Lovaglio, the fired chief executive officer of Banca Monte dei Paschi di Siena SpA, was sitting among the bank’s investors waiting for the outcome of a vote that would either seal his downfall — or mark a stunning comeback.

The count was taking unusually long and the tension in the room was palpable, with members of the outgoing board looking increasingly uneasy. As the result sank in, applause broke out, turning into chants.