Company News

BUZZ-U.S. banks: Goldman spoils the bag

** Shares of 5 of 6 U.S. big banks down in morning trade after Goldman Sachs reported a Q4 loss after six years, hurt by charges related to recent tax law changes and slump in fixed income from currencies and commodities revenue

** The U.S. yield curve flattens to a decade-low spread between 5-year and 30-year yields and two-year Treasury yields hit a nine-year high

** Adjusted trading revenue at Bank of America also falls 9 pct

** All fall down: Goldman 3.2 pct, Bank of America 2.6 pct, JPMorgan Chase 0.5 pct, Morgan Stanley 0.6 pct, Citigroup 1 pct

** 4 out of 5 big U.S. that have reported till now have taken a hit from the recent changes in U.S tax law

** JPMorgan recorded a $2.4 bln charge; Citigroup said it has taken $22 bln charge; Goldman’s net income was hit by a $4.40 bln charge; Bank of America books a $2.9 bln charge

** JPMorgan and Wells Fargo & co had reported better-than expected profit on Jan. 12; Citigroup reported on Jan. 16 and had beaten profit estimates; Goldman and Bank of America both reported better-than-expected profit

** Up to Tuesday’s close, S&P 500 Financial index had risen 26.8 pct in 12 months (Reporting by Diptendu Lahiri)