This holiday season, Deutsche Bank employees are coming to the aid of their own in the U.K. (and presumably France, as well). In a heartwarming show of solidarity, Deutsche Bankers one and all will feel the pinch of the Franco-British tax on banking bonuses.
That they'll be doing it against their will....
The decision to "globalise" the pain of the British 50% one-off tax on banking bonuses this year will certainly ease the burden on British Deutsche Bank employees and impose it on those who work elsewhere, including in Germany, which has decided not to follow its European compatriots in the tax.
"It would be unfair to treat the U.K. bankers differently," CEO Josef Ackermann said.
Still, Ackermann couldn't help but take the opportunity to blast the tax as unnecessary meddling in the "supply and demand for skilled people" who helped create the financial crisis and the need for government billions to keep the whole financial system afloat. But perhaps I'm being unfair.
Deutsche Bank Plans to Spread Costs of U.K. Bonus Tax Globally [Bloomberg]
FT interview transcript: Josef Ackermann [FT]