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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Deutsche Bank to 'globalise' bonus tax pain: report AFP - Friday, December 18 Send IM Story Print Deutsche Bank CEO Josef Ackermann said the bank will spread the pain of Britain's tax on bankers' bonuses among its staff worldwide, becoming the first financial group to detail how it will deal with the hit LONDON (AFP) - – Deutsche Bank will spread the pain of Britain's tax on bankers' bonuses among its staff worldwide, becoming the first financial group to detail how it will deal with the hit, a report said Friday. "We will clearly globalise it," said Josef Ackermann, chief executive of Germany's biggest bank. "If parts (of the cost of the tax) are paid out of the bonus pool, we would seek to globalise it," he told the Financial Times, in remarks that risk angering Deutsche Bank staff outside London. "It would be unfair to treat the UK bankers differently." Ackermann said the bank's investors could end up taking some of the hit. "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. That is absolutely undecided." Britain announced last week a 50-percent tax on bonuses above 25,000 pounds (27,600 euros, 40,700 dollars) to recoup tax-payer cash spent saving the sector from the global financial crisis. The move sparked anger in the industry in Britain, with critics warning the move would force senior bankers to relocate offshore, weakening the City of London as an international financial centre. Ackermann said he opposed government interference in setting pay. "Bonuses should be the result of supply and demand for skilled people." France said Wednesday it will follow Britain with a one-off tax on bonuses in a bid to ease public anger against the sector over the crisis. Recommend Send IM Story Print News Search Top Stories French court rules against Google GM sets end of road for Swedish brand Saab British borrowing rockets to record high Thieves steal Auschwitz concentration camp sign Greek financial sector is hit by new credit doubts More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Brazilian confesses to sticking needles into two-year-old Tiger's wife Elin seeking divorce: reports Boeing's Dreamliner in maiden flight Asians, Africans 'left out of stem cell research' BA wins court battle to stop Christmas strikes More Most Viewed » Global stocks mixed amid Dubai debt crisis Tiger's wife Elin seeking divorce: reports Tiny magnetic discs could kill cancer cells: study Virgin unveils spaceship to offer space tourism Tiger Woods' girlfriend apologizes in TV interview More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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