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Morgan Stanley expects to take a US$1.25bn fourth quarter hit from the US tax reform bill

The Wall Street bank said in a regulatory filing that its net income for the quarter will include a tax provision of that amount, primarily stemming from the re-evaluation of certain net deferred tax assets using the lower tax rate
Morgan Stanley
Rival Goldman Sachs announced in late December that it estimates the new tax legislation could reduce its fourth quarter earnings by about US$5bn

Morgan Stanley (NYSE:MS) said it expects to take a US$1.25bn fourth quarter hit from the US tax reform bill that was signed into law in December.

The Wall Street bank said in a regulatory filing that its net income for the quarter will include a tax provision of that amount, primarily stemming from the re-evaluation of certain net deferred tax assets using the lower tax rate.

Rival Goldman Sachs Group Inc.(NYSE:GS) announced in late December that it estimates the new tax legislation could reduce its fourth quarter earnings by about US$5bn, mainly due to the newly enacted repatriation tax for cash and assets held overseas.

In pre-market New York trading, Morgan Stanley shares edged higher, up 0.1% at US$53.17. 

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