At the start of the week, we intended to write how little there was happening on the recruitment front. We conjectured that with the 50% tax on ex-gratia payments (ie the recruiting bank would have to absorb the tax on the bonus buy-out and sign-on fee), beefing up the headcount had got a lot more expensive. We also thought that banks – with the exception of CIBC and BNP – were generally holding off until after April 6 when the tax is supposed to end (though I’ve heard rumours that the deadline will be extended).
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