Deutsche Bank sets aside £196m for UK bankers’ supertax
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Deutsche Bank has revealed that it has set aside £196m towards the payment of a UK “supertax” on bankers bonuses.
The German bank is the first to reveal what it expects to pay for the one-off tax with chief executive Josef Ackermann claiming that the move is necessary to avoid the bank’s business being “destroyed” in Britain if staff were not adequately rewarded.
According to reports, Deutsche is to spread some of the bill across its global operations while expecting UK employees to foot the balance.
Ackermann says the provision, which was set aside in the final quarter of 2009, was a shared burden between shareholders and staff.
Deutsche yesterday reported £4.36bn in net income for 2009 and Ackermann said that by paying no bonus the firm risked jeopardising the franchise. He also said that Deutsche remained committed to the City but warned that financial groups would consider leaving London if the UK taxes were levied over and over.
