RegulationCorporate Governance$500m bank bonus tax bill for JP Morgan chase

$500m bank bonus tax bill for JP Morgan chase

JP Morgan Chase pays out a cool half a billion dollars for UK bank bonus tax

The one-off UK bank bonus tax cost JP Morgan Chase more than half a billon
dollars.

Revealing better than expected Q2 profits, the US bank said the tax cost it
$550m (£357m). The banks had to pay a 50% tax on bonus payments of more than
£25,000, under measures introduced by Alistair Darling.

Other banks are paying out hundreds of millions of dollars, including Bank of
America, Citigroup and Goldman Sachs.

JP Morgan Chase’s net income climbed to $4.8bn for Q2, from $2.72bn in 2009.

Further reading:

HMRC
releases bank levy consultation

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