: Italian bank shares slump on surprise windfall tax

UniCredit IT:UCG and Intesa Sanpaolo IT:ISP shares slumped on Tuesday after a surprise windfall tax was agreed by the Italian government on Monday night. Terms call for a 40% tax on what is called excess net interest income, for both 2022 and 2023. Analysts at Citi say the tax will hurt earnings on average by 19%.

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