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U.S. bank executives see delayed boost from tax overhaul

Reuters  |  NEW YORK 

By Meredith MazzilliNEW YORK (Reuters) - Banks have not reaped the full benefit of U.S. tax cuts, Wall Street executives said on Friday after a string of quarterly results, with expected business growth and higher consumer spending yet to materialize.Analysts and investors are still trying to work out the longer-term effects of the tax rewrite signed into law in December, which slashed the federal corporate rate.Asked what impact Wells Fargo & Co is seeing from the new tax law, the bank's finance chief, John Shrewsberry, said "not much yet." Bank executives said last quarter that tax cuts ...

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First Published: Sat, April 14 2018. 00:04 IST
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