Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.
The bank said it will hold back bonuses to its former CEO and others as it probes the 1MDB scandal; the House is looking into the bank’s loans to Trump's firm.
The combination of their convenient branch networks and strong digital offerings makes large, national banks tough to beat in dispensing financial guidance, consumers say.
The new leadership of the House Financial Services Committee appears intent on subjecting Wall Street to a harsher spotlight, but banks shouldn’t be too sure the new minority has their backs, either.
The leaders of the biggest U.S. banks are likely to be summoned to face questions from the Financial Services Committee, an early sign that the financial industry will endure tougher scrutiny under a Democratic-controlled House.
In letters to the Treasury secretary and CEOs of the largest banks, the Massachusetts Democrat questioned why Mnuchin was trying to quell liquidity fears that had not previously been mentioned by regulators.
