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Economics

Banks After Tax Cuts: Loan Growth Slows and 3,200 Jobs Disappear

  • Savings helps industry post record profits for shareholders
  • Some employees get raises as major banks trim the workforce

Banks were among the top beneficiaries when Republicans slashed corporate taxes in December to stoke the U.S. economy. So how are the nation’s largest financial institutions treating employees, customers and investors?

Twenty-three firms deemed most important by the Federal Reserve saved, on average, $388 million each in the first half of this year, based on declines in their reported tax rates. Over the same period, members of the group said they collectively eliminated 3,200 jobs.