News Topic: Tax reform

The Arkansas company's net income topped $100 million for the first time, though it largely reflected the revaluation of its deferred tax liability. ... Read full article

The bank plans to stick to its multiyear plan to pay out at least $60 billion in capital to shareholders even after booking a larger-than-forecast charge of $22 billion to adjust to the new tax regime ... Read full article

The elimination of a key deduction that had worked as a cap on CEO salaries, combined with investor pressure to maintain performance incentives, could lead to an upward drift in compensation for top executives of many banks. ... Read full article

Banks have been in full cost-cutting mode in recent years, but with profits expected to increase substantially as a result of tax reform, all analysts and investors want to know is how they plan to spend their tax savings. ... Read full article

Changing political and economic forces are raising new questions about deployment of tax savings and the cost of deposits, while old concerns about cost-cutting, credit quality and risk taking persist or return. ... Read full article

About a third of U.S. banks are S corporations, and many are rushing to determine whether the new tax law has robbed them of their appeal and if they should convert to traditional corporations by the March 15 deadline. ... Read full article

Three additional banks announced bonuses, wage hikes and charitable contributions resulting from the lower corporate tax rate enacted by Congress. ... Read full article

But bank will benefit long-term from tax reform; judge says accounting firm failed to detect mortgage fraud that did in Colonial Bank. ... Read full article

Increases in charitable donations will be more important than ever for bank reputations, as tax breaks and a lighter touch from financial regulators rekindle public anger about the financial crisis. ... Read full article

They aren't creating new products, but some lenders are advising cash-strapped customers in high-tax states to tap home equity or other credit lines to prepay property taxes before the new tax law kicks in. ... Read full article

Any decline in home equity balances could be offset by higher demand for other types of consumer loans. The worry is that only borrowers with blemished credit will take out home equity loans, increasing banks’ risk. ... Read full article

The reduction is “primarily” from a lower value of net deferred tax assets, the bank said in a securities filing Friday, the same day President Trump signed the legislation. ... Read full article

Bank of America, PNC join a growing list of banks planning to use the anticipated savings from the reduction in the corporate tax rate to boost wages for employees. ... Read full article

The legislation — and public perceptions of it — are expected to play a major role in 2018 elections that will determine whether Republicans retain control of Congress. ... Read full article

After Wells Fargo and Fifth Third said that the looming tax cut will allow them to raise pay, four smaller banks followed suit. ... Read full article

Fifth Third said it will give a bonus or raise to about three-quarters of its employees while Wells Fargo raised its minimum hourly pay in the wake of Congress' passing a tax reform bill. ... Read full article

The tax reform legislation approved by Congress on Wednesday and expected to be signed by President Trump soon is mostly good news for banks, but many will have to take big charges in the fourth quarter as a result. ... Read full article

The Senate approved the final tax reform plan 51-48 early Wednesday, the second-to-last obstacle before sending it to President Trump for his signature. ... Read full article