Banking
Italian government softens shock bank windfall tax in bid to calm market turmoil
The country’s biggest lenders are scrambling to claw back gains after a detrimental day of trade on Tuesday
The Italian government backtracked on part of its new windfall tax on banks, saying it would introduce a cap to limit the impact for many lenders as it tries to calm a market rout that wiped out $10 billion from the banks’ market value.
It comes as the country’s biggest lenders are scrambling to claw back gains after a detrimental day of trade on Tuesday.
The levy now won’t exceed 0.1 per cent of a ...