Some of Europe’s biggest banks could see as much as a quarter of profits wiped out by the combined impact of 10 new levies imposed on their balance sheets in different countries across the continent.
According to a European Union report prepared for last month’s European Council meeting, and seen by the Financial Times, France’s Crédit Agricole will be the hardest hit by the new taxes, which could absorb as much as 24 per cent of pre-tax profits.
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