Morgan Stanley said it will take a roughly $1.25 billion hit to earnings in the fourth quarter, becoming the latest bank to detail how profit will be hurt in the near term by the U.S. tax overhaul driven by President Donald Trump.
When U.S. Senate lawmakers changed just two letters used for a calculation in their proposed tax bill, they may have increased the number of junk-rated companies that would be hurt by tax overhaul.
U.S. companies from Duke Energy Corp. to NextEra Energy Inc. are warning investors that their earnings may take a hit from proposals being floated in Washington.
The six largest financial institutions could see net income jump by an average of 14 percent if the president delivers on his promise to cut corporate rates.
