$500m bank bonus tax bill for JP Morgan chase

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

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:

releases bank levy consultation

Related reading