What to Follow: Work Trends & U.S. Capital Abroad 8/08/23
Squawk Pod
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The 40% Winfall Profit Tax on Italian Banks
Italian banks stocks are getting hammered this morning. This after the country's government approved a surprise 40% winfall tax on lenders, quote unquote, excess profits. In 2023, Italy's Deputy Prime Minister said the tax would apply to banks' extra profits derived from higher interest rates and would amount to several billion euros. Citigroup estimated that the one-off tax would be equal to around 19% of bank net profits for the year.
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