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JPMorgan says tax changes will spur more profits after quarterly beat

Reuters 

By Sweta Singh and David Henry(Reuters) - JPMorgan Chase & Co beat Wall Street's fourth-quarter earnings expectations on Friday and said tax law changes will help future profits by not only reducing the amount it pays the federal government but also by stimulating more business.JPMorgan, the biggest U.S. bank by assets, recorded $2.4 billion in one-time charges in the fourth quarter related to the tax law changes. However, it expects its effective tax rate to drop to 19 percent this year from 32 percent last year, which will save it billions of dollars.The sweeping tax changes President ...

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First Published: Fri, January 12 2018. 21:33 IST
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