Deutsche Bank CEO: Taxes on Western banks should increase Asia's market share

Dr Josef Ackermann, CEO of Deutsche Bank, said that levies on Western banks enacted after the financial crisis offer an opportunity for Asian banks to increase their market share, the Wall Street Journal reported. "A lot of governments are determined, including the Chinese, to build up financial hubs at a time when other countries are more skeptical about the financial sector," he said, speaking in Hong Kong.  "Other countries would be wise not to copy levies which are so popular in other parts of the world." He said that the levies would have an impact on the competitiveness of Western banks with branches in multiple countries. In other remarks, Ackermann also suggested that a looming "talent war" in Asia is causing a bubble in bankers’ compensation packages.