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Deutsche bank issues response to UK bank bonus tax

Deutsche bank, the massive German financial company, has issued a veiled response to the UK government is banking bonus tax which will see a 50% levy on bonuses above £25,000 year. The company has over 80,000 employees around the world of which 8000 are based within the UK. However, the company's answer to the UK bonus tax may well surprise many!

It is believed that Deutsche bank is looking towards paying any banking bonus tax out of the "global bonus fund" which would mean that non-UK employees would share the tax burden of UK employees. The very fact that only 8000 of the company's 80,000 employees are based in the UK would mean a fairly small reduction in the bonus pot for the 72,000 directly unaffected by the tax. The company is also looking at possibly covering the cost of the tax itself, rather than passing it on to bankers, a move which will be controversial in the eyes of the UK government.

The whole reason for introducing the banking bonus tax is to ensure that bank is "feel the pain" of the economic downturn. While we await confirmation as to which route the Deutsche bank board of directors have chosen to take, there is no doubt that this tax is attracting controversy around the world.

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