US bank gains from new tax law start with short-term Q4 red ink
The biggest banks will have to set aside multi-billion-dollar tax charges in order to reap the harvest of lower taxes in the long haul
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New York
US BANK executives and investors expect a long-term boost from the new federal tax code, but the biggest lenders will first need to book multi-billion-dollar charges that will muddle fourth-quarter results.
Banks will adjust deferred tax assets and liabilities to account for a lower corporate rate, and also take charges related to other tax changes. But analysts said the overall benefit from lower taxes will make up for any short-term hit.
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