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Bank of America takes tax hit, vows longer-term boost

Reuters 

By Sweta Singh and Elizabeth Dilts(Reuters) - Bank of America Corp's quarterly profit was nearly chopped in half by tax-related charges but the lender's management promised the new U.S. tax system would eventually benefit shareholders. The tax overhaul, signed by U.S. President Donald Trump late in December, is taking a chunk out of Wall Street profits this quarter as lenders swallow one-time charges on overseas earnings and account for tax benefits that are now less valuable because of the lower corporate rate.Leaving aside the tax hit, which Bank of America announced late last year, profit ...

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First Published: Thu, January 18 2018. 03:03 IST
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