Italy's New Tax Wipes Out $10 Billion from Market Value of Banks.

(Bloomberg) -- Italian stocks dropped after a surprise new tax on bank profits sent the country's lenders tumbling, erasing as much as €9.5 billion ($10.4 billion) from their combined market capitalization. The analysts calculate that the tax is equivalent to about 19% of banks' net income in 2023, approximately 3% of their 2023 tangible book value and around 0.5% on 2023 risk-weighted assets. [Extracted from the article]