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.
Already a subscriber? Log in.
Subscribe now for a chance to win your dream holiday!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
