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Italy dealt a surprise blow to its banks and sent shockwaves across the sector in Europe by setting a one-off 40% tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits.
Oh, so next year the banks will invest their profit or try to hide it in any way possible, to not lose 40%
Good? That’s sorta the point isn’t it. If they invest it back into their business it’s no longer profit.