Business

Goldman Sachs beats estimates as investment banking revenue soars

(Reuters) - Goldman Sachs Inc on Wednesday reported a quarterly profit that trumped analysts' estimates, as strength in its investment banking business helped cushion the blow from a slump in trading.

Business

BofA net profit slumps on $2.9 billion tax charge, adjusted income beats

(Reuters) - Bank of America Corp's net profit nearly halved compared with a year earlier as it booked a $2.9 billion charge stemming from the new federal tax law although it beat analysts' estimates when adjusted for the charge.

Business

Citi profit tops estimates; books $22 billion tax charge

(Reuters) - Citigroup Inc on Tuesday reported quarterly profit that topped Wall Street expectations as consumer businesses made up for lower revenue from bond and currency trading.

Business

Mnuchin sees $1 trillion revenue growth from U.S. tax overhaul

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Friday he believed the Republican tax cuts will ultimately become revenue neutral over 10 years due to higher growth, but the Treasury will likely ask Congress for more money to impleme

Business

Wells Fargo adds $3.25 billion to consumer legal bill in fourth quarter

(Reuters) - Wells Fargo & Co set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices, but its 2018 cost outlook met analyst expectations as the bank tries to rebound from the scandal i

Business

JPMorgan profit beats on higher interest rates; debt trading down

(Reuters) - JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a higher-than-expected quarterly profit on Friday as gains in net interest income offset a slowdown in trading revenue.

Business

BlackRock profit beats as ETFs attract more investment

(Reuters) - BlackRock Inc on Friday reported a better-than-expected quarterly profit, as investors flooded into the world's biggest asset manager's exchange-traded funds (ETFs).

Business

Explainer: Investors to scour outlooks for U.S. companies' tax cut plans

NEW YORK (Reuters) - Corporate results for 2017's final quarter will start pouring in next week and are expected to be laden with one-time charges as U.S. companies begin to cope with tax code changes, including a one-time tax on trillions of dollars in p

Business

Fiat Chrysler to invest $1 billion in Michigan plant, add 2,500 jobs

(Reuters) - Fiat Chrysler Automobiles NV said on Thursday it would invest more than $1 billion in its Michigan plant and add 2,500 jobs as it benefits from the overhaul of the U.S. tax code.

Business

U.S. grain companies fear harm from new tax law

CHICAGO (Reuters) - The new U.S. tax law is poised to drive more control over the nation's grain supply to farmer-owned cooperatives, provoking concern among ethanol producers and privately run grain handlers that they could be squeezed out of the competi

Business

Infosys signs agreement with U.S. IRS; sees lower tax rate

(Reuters) - Indian software services company Infosys Ltd on Tuesday said it has signed an agreement with the U.S. Internal Revenue Service (IRS), resulting in an effective tax rate of about 100 basis points lower going forward.

Business

Bristol-Myers sees $3 billion tax hit in fourth quarter 2017

(Reuters) - Bristol-Myers Squibb Co will record a $3 billion charge in the fourth quarter of 2017 as a result of the U.S. tax reform law passed last month, the drugmaker said in a regulatory filing on Friday.

Business

BP expects U.S. earnings uplift from tax reform

(Reuters) - British energy company BP expects a positive impact on future post-tax earnings from the United States after the changes to U.S. corporate taxes, it said on Tuesday.

Business

As U.S. budget fight looms, Republicans flip their fiscal script

WASHINGTON (Reuters) - The head of a conservative Republican faction in the U.S. Congress, who voted this month for a huge expansion of the national debt to pay for tax cuts, called himself a "fiscal conservative" on Sunday and urged budget restraint in 2

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