Tax overhaul shaves U.S. bank profits 40.9 percent in fourth quarter: FDIC

WASHINGTON (Reuters) - U.S. bank profits were down 40.9 percent in the fourth quarter of 2017 from a year earlier, due primarily to one-time accounting changes from the new tax law which is expected to boost profits in the long run, the Federal Deposit Insurance Corp (FDIC) said on Tuesday.

Tax overhaul shaves U.S. bank profits 40.9 percent in fourth quarter: FDIC
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