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News Link • Central Banks/Banking

No (Wall Street) Bank Left Behind!

• by John Rubino

So - big-hearted people that we are - Americans stepped up and helped by lowering the banks' taxes. From Today's Wall Street Journal:

The Four Biggest U.S. Banks Made $2.3 Billion From Tax Law - in One Quarter

Big banks just cashed in the first installment of benefits corporate America will reap from the new federal tax law.

The haul: more than $2.3 billion.

That is how much the combined earnings of the four major national banks— JPMorgan Chase, Wells Fargo. Citigroup, and Bank of America, — increased in the first quarter because of the lower corporate rates under the tax-overhaul law enacted in December, according to an analysis of the banks' results by The Wall Street Journal.

That amount is only a modest-size chunk of the banks' total first-quarter earnings—less than 10% of their combined net income applicable to common shareholders. But it comprises a major chunk of their year-over-year earnings growth.

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