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JPMorgan profit beats on higher interest rates; books tax charge

Reuters 

By Sweta Singh(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a higher-than-expected quarterly profit 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.The sweeping changes in the tax law enacted by President Donald Trump are expected to mean short-term pain but long-term gain for large U.S. banks that do business worldwide."The enactment of tax reform in the fourth quarter ...

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First Published: Fri, January 12 2018. 17:54 IST
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