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