Trump tax reform sours US banks’ CCAR outlook
Tax changes hit bank capital ratios; Goldman, AmEx could fail Fed’s annual tests
A corporate tax cut is usually a cause for celebration in the financial sector. In the topsy-turvy world of bank capital, however, things are rarely that simple. For banks, the effect of December 2017’s headline cut in the rate of US corporate tax from 35% to 22% can be summarised as: pain now, pleasure later.
When US president Donald Trump’s signature tax reforms were signed into law, banking
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