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JPMorgan quarterly profit plunges 37% to $6.7 billion on tax hit

Wall Street analysts were expecting a $2 billion hit, based on comments the company made in December

Reuters 

JPMorgan Chase & Co, the biggest US bank by assets, reported a higher-than-expected quarterly profit on Friday as gains in net interest income offset a slowdown in trading revenue. The bank recorded a $2.4 billion charge to cover a new one-time repatriation tax on income it has kept abroad and to adjust the value of its deferred tax assets and liabilities. Wall Street analysts were expecting a $2 billion hit, based on comments the company made in December. The sweeping changes in the tax law enacted by President Donald Trump are expected to mean short-term pain but long-term ...

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First Published: Fri, January 12 2018. 20:41 IST
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