US banks will foot a totl bill of about $2bn in their second-quarter results to pay for the UK tax on bankers’ bonuses. This charge could significantly cut down the earnings at financial groups such as Citigroup, JPMorgan Chase and Bank of America.
With Goldman Sachs alone in line for a $600m-plus charge, the amounts to be paid by US banks will contribute to a windfall of £2.5 billion from the levy. It is much larger than the British authorities have expected. According to the analysts, it is said that the tax will be a negative factor when US banks report results for the April-June period next month, reducing the earnings per share at Citi, JPMorgan and BofA by 10% or more.
Unlinke some European rivals, which passed on some of the tax to employees in the form of lower pay to avoid diping into shareholders’ funds, most US banks paid the full amount, shielding bankers from the effects of the levy.
The charges for the UK bonus tax are likely to compound a challenging quarter for US banks. Analysts predict an end to their streak of investment banking and trading profits. With the sovereign debt troubles of Europe and bearish news on US economic growth unsettling capital markets, investors and companies have largely stayed on the sidelines in the past quarter, cutting down the deal-making activity of large banks.

US stocks inched higher boosted by strong industrial production figures, but soft guidance from FedEx and weak housing starts data weighed on sentiment.
Housing starts came in at an annualised 593000 last month, far below analysts’ expectations of 68000 Building permits also missed expectations. US producer prices fell by 0.3% last month, less than the 0.5% decline analysts had expected on average.
At midday, the S&P 500 was up by 0.1% at 1116.68, while the Dow Jones Industrial Average was flat at 10409.08 and the Nasdaq Composite had risen by 0.3% to 2312.37.

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The CBI has called on George Osborne to produce a “bold and ambitious” Budget on June 22, without imposing damaging tax increases and cuts to long-term capital spending plans.
According to the CBI, it had “major concerns” about the Government’s proposed reforms to capital gains tax (CGT). It said it wants to see a broad definition of business assets which the Coalition has said will be excluded from a potential rise to prevent disincentives to investment or start-ups. The CBI also indicated that any change should be structured to minimize the impact on long-term investments.
It called on the Coalition to provide an indication in the Budget that it is working on plans to re-introduce new fiscal rules for
“normal times”.
On Tuesday, the ratings agency–Standard and Poor’s, said that it would wait to see the contents of the emergency Budget before deciding whether the Coalition had produced a credible plan for reducing the deficit over the medium term. Only then would it decide on any action on its negative outlook on the UK’s AAA credit rating.

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