Is the tax revamp signed into law in December helping banks?
One quarter in, earnings results show that it’s complicated.
On Friday, JPMorgan Chase JPM, -2.71% said its quarterly profit jumped by more than one-third to an all-time high, helped along by hundreds of billions in tax savings. The banks all saw their tax rates slashed—Wells Fargo’s went from about 30% a year ago to 18.8% this quarter, it said in its release.
That helped Wells WFC, -3.43% JPMorgan, and Citigroup C, -1.55% all report earnings for the quarter that beat analyst expectations.