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 ...
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 Last Updated at January 12, 2018 20:41 IST