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ZAeconomist - A Blog on the South
Some of the other major US banks, for example JPMorgan, will also be deducting large sums (in its case $2.4bn) from its earnings as a once-off adjustment for lower tax rates to come.
It will be making enough of a tax charge to its earnings – as much as US$20bn – for the bank to become loss making in 2017.
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This is the case with a number of the very large US banks reporting or about to report their latest results.
Special reports The Economist
Wells Fargo by contrast was able to add $3.35bn to its earnings, as was another large bank, PNC, which added about 9c to its reported earnings of $4.18 a share.
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