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Top related persons:
shivers - 1 Intesa - 1 ” - 1 Gilles Guibout - 1 Stuart Cole - 1
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Credit Suisse - 1 Axa Investment - 1 Bank of America - 1 Spain’s Banco Santander - 1 Germany’s Deutsche Bank - 1 DB - 1 Equiti - 1

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3 mentions found


☆ Italy slaps 40% windfall tax on bank profits
  + stars: | 2023-08-08 | by ( ) edition.cnn.com   time to read: +1 min
European bank shares tumbled on Tuesday after Italy approved a 40% windfall tax on banks for 2023, sending shivers across the sector that has recorded surging profits as global interest rates have risen. A gauge of euro zone banks fell 3.7%, and was set for its biggest daily drop since the turmoil in the banking sector in March, when Credit Suisse collapsed. Analysts at Bank of America estimated the new tax could cost Italian banks between 2% and 9% of their earnings. For 2023 alone, Italy will tax 40% of banks’ net interest margin, a measure of income banks derive from the gap between lending and deposit rates. Proceeds from the windfall tax will be used to help mortgage holders and cut taxes, Italy’s deputy prime minister said.
Persons: shivers, Intesa, ”, Gilles Guibout, Stuart Cole Organizations: Credit Suisse, Axa Investment, Bank of America, Spain’s Banco Santander, Germany’s Deutsche Bank, DB, Reuters, Equiti Locations: Italy, Europe, Spain, Paris
☆ European bank stocks: UBS, Deutsche sink as fear returns
  + stars: | 2023-03-24 | by ( Anna Cooban | ) edition.cnn.com   time to read: +1 min
Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, fell 5% in morning trade. Last week, Switzerland’s biggest bank UBS bought its embattled Swiss rival for 3 billion Swiss francs ($3.25 billion) in an emergency takeover brokered by the Swiss government. The DOJ had sent subpoenas to those employees before UBS took over Credit Suisse, according to the report. “Contagion fears are not yet going away — bank shares are lower again this morning and weighing on broader sentiment. Yesterday we witnessed Deutsche Bank credit default swaps blow out,” Neil Wilson, chief markets analyst at trading platform Markets.com, said in a note Friday.
☆ Credit Suisse Shares Plunge as Bank Storm Spreads to Europe
  + stars: | 2023-03-15 | by ( Margot Patrick | Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com   time to read: 1 min
Credit Suisse Group AG shares fell more than 25% Wednesday and hit a fresh record low, reflecting increasing concerns that troubles that hit regional U.S. banks have migrated across the Atlantic. Other major European banks took hits, with shares in France’s two major international banks, Société Générale SA and BNP Paribas SA, both down more than 10%. Shares in Germany’s Deutsche Bank AG slid 8%.
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