Big Banks Would Benefit from the Tax Bill — After an Initial Hit
- Firm’s unremitted overseas earnings facing taxation, CFO says
- BofA’s Moynihan, Wells’ Sloan tout tax bill’s overall benefits
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The Republican tax bill is good news for big banks. At least, it will be once the initial pain wears off.
JPMorgan Chase & Co. expects a fourth-quarter “adjustment” of as much as $2 billion largely driven by the firm’s unremitted overseas earnings facing taxation, Chief Financial Officer Marianne Lake said Tuesday at an investor conference. Bank of America Corp. Chief Executive Officer Brian Moynihan said his firm would also take a hit, having to decrease the value of its deferred tax assets.