JPMorgan Chase reports earnings decline due to tax charge, Steinhoff loan

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  1. JPMorgan Chase reports earnings decline due to tax charge, Steinhoff loan  New York Business Journal
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JPMorgan Chase Co., like its banking rival Goldman Sachs, deducted billions from its fourth quarter earnings due to the recently passed Republican tax bill. The New York banking giant s results fell percent from a year ago, earning $. billion in the fourth quarter, or $. a share. That s down from .JPMorgan s Q Fixed Income Trading Revenue Falls . JPMorgan Chase Co. s equities business took a big hit from Steinhoff International Holdings NV last quarter. The bank recognized a $ million mark to market loss on a margin loan to a single customer in its stock trading unit, the New .The U.S. tax overhaul cost JPMorgan Chase $. billion last year. Consider it a down payment on a more profitable future. The bank said that while it took accounting charges in the fourth quarter tied mostly to levies on foreign earnings required under the new law, its effective tax rate will drop this year to .Bank earnings season kicks off Friday with JPMorgan and Wells Fargo reporting fourth quarter results. We re She declined to provide further details about the loan. JPMorgan s big fall in net income was to be expected, given the bank had said it would take one time charges related to the tax law..

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