January 8, 2018 / 2:33 PM / 10 days ago

Canada's TD Bank to take $400 million hit from tax reforms in first quarter

(Reuters) - Canada’s Toronto-Dominion Bank (TD.TO) said on Monday it would take a hit of $400 million in the first quarter related to the remeasurement of certain net deferred tax assets as a result of U.S. President Donald Trump’s tax reforms. [nCNWwYw14a]

    The sweeping tax code changes enacted in late December cuts the corporate tax rate to 21 percent from 35 percent and were expected to mean short-term pain but long-term gain for U.S.-based corporations. [nL1N1OT0PN]

    Several U.S. big banks, like Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Citigroup (C.N) have said they will take a hit in their fourth-quarter earnings because of the tax reform.

    Reporting by Akshara P in Bengaluru; Editing by Martina D'Couto

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below