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Deutsche 'to spread bonus pain' | Deutsche 'to spread bonus pain' |
(about 2 hours later) | |
The boss of Germany's Deutsche Bank, Josef Ackermann, is considering spreading the impact of the UK's bonus tax among its staff worldwide. | The boss of Germany's Deutsche Bank, Josef Ackermann, is considering spreading the impact of the UK's bonus tax among its staff worldwide. |
If the tax is paid out from the bonus pool, "we will clearly globalise it... It would be unfair to treat UK bankers differently," said Mr Ackermann. | If the tax is paid out from the bonus pool, "we will clearly globalise it... It would be unfair to treat UK bankers differently," said Mr Ackermann. |
He did not rule out the cost being absorbed by the bank itself. | He did not rule out the cost being absorbed by the bank itself. |
Chancellor Alistair Darling last week announced a one-off 50% tax on bonuses of more than £25,000 until April 2010. | Chancellor Alistair Darling last week announced a one-off 50% tax on bonuses of more than £25,000 until April 2010. |
France has also announced similar plans. | France has also announced similar plans. |
In an interview with the Financial Times, Mr Ackermann said: "We will monitor what [other] banks are doing, how much of the cost will be borne by staff and how much will be taken by shareholders." | In an interview with the Financial Times, Mr Ackermann said: "We will monitor what [other] banks are doing, how much of the cost will be borne by staff and how much will be taken by shareholders." |
It is the first bank to detail its response to the bonus tax. Deutsche Bank has 80,000 employees, of which 8,000 are in the UK. | |
Mr Ackermann said that he opposed government interference in deciding bankers' pay, saying "bonuses should be the result of supply and demand for skilled people". | Mr Ackermann said that he opposed government interference in deciding bankers' pay, saying "bonuses should be the result of supply and demand for skilled people". |
But he also says the measure will not jeopardise London's future as a financial centre, because there is so much more to it - such as infrastructure, resources and the quality of people. | But he also says the measure will not jeopardise London's future as a financial centre, because there is so much more to it - such as infrastructure, resources and the quality of people. |
"If people think one measure could jeopardise the strength of a financial hub, they are dead wrong. This is not going to happen," he said. | "If people think one measure could jeopardise the strength of a financial hub, they are dead wrong. This is not going to happen," he said. |