New Tax Changes Has Many Banks Optimistic About the Year Ahead
US banks appear to be very satisfied with the new tax changes for 2018. While the big five US banks had a rough fourth-quarter, there appears to be optimism surrounding the new tax laws.
In an article from Reuters, author Steve Slater writes, “US banks are already riding high and grabbing business from weaker European rivals, especially in US capital markets, and are seeking to drive home their edge. An easing in some US regulations is also helping their cause”.
In the article, Slater discusses:
- Capital markets boon
- Stronger for longer
Slater continues, “Non-US banks will also benefit from the tax reforms – they will get a lower tax rate on their significant US earnings – and from any upturn in capital markets, but the benefits are likely to widen the edge US banks have over rivals”. It appears this new tax law is helping banks everywhere.
To read more, see the full article from Steve Slater in Reuters.