Goldman shakes off tax reform capital effects

Goldman Sachs shook off some of the capital-sapping effects of last year’s tax reforms in the first quarter of the year, increasing its internal model-calculated common equity Tier 1 (CET1) capital ratio by 40 basis points.

Its regulator-set standardised ratio received a more modest boost of 20bp. The standardised and advanced CET1 ratios stood at 12.1% and 11.1% at quarter-end, respectively.

This represented a partial recovery in the firm’s capital position following the one-off impact of

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