Tax Reform Will Be Big For The Banks

Tax Reform Will Be Big For The Banks
Tax Reform Will Be Big For The Banks
Tax Reform Will Be Big For The Banks finance.yahoo.com

Expect some big one-time write-downs for Q4. In the coming days, some of Wall Street’s major banks are expected to announce multi-billion dollar write-downs because of tax reform. But in the long run, they’re expected to benefit from the new changes.

In Tax reform will be 'gravy' for the banks by Julia La Roche, Reporter for Yahoo Finance, she explains:

“The tax law will, of course, mainly be ‘gravy’ for the banks in that their near-term after-tax net income should rise significantly,” Oppenheimer’s Chris Kotowski wrote in a recent note.

For now, there will be some up-front charges on deferred tax asset (DTA) write-downs and deemed repatriation of foreign profits for many of the firms.

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Read the source article at finance.yahoo.com

 


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