BENGALURU: Morgan Stanley said it would take a US$1.25bil hit in its fourth-quarter earnings due to a cut in corporate tax rate as part of the US tax code overhaul.
The net blow of the bill to the bank will include about a US$1.4bil net discrete tax provision, mainly due to the remeasurement of certain net deferred tax assets using the lowered corporate tax rate, the company said in a filing.
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