Two-thirds of the writedown is due to a provision of the law designed to encourage companies to repatriate funds from overseas.
The bank is joining other companies that are writing down the value of their deferred tax assets in the wake of the U.S. legislation.
S&P estimates the cut in the corporate tax rate will result in an aggregate writedown of about $14 billion of life insurers' deferred tax assets.
The new tax cuts will make winners out of companies with big deferred tax liabilities and losers of those with large tax assets, an expert forecasts.
Fifth Third Bancorp says about 75% of its employees will receive a pay increase or bonus in the wake of the corporate tax cut.
A number of trends are converging, and U.S. tax reform will make navigating them more complex.
Corporations look forward to a 21% tax rate and immediate expensing of short-lived capital investments.
Finance chiefs and their bosses who don’t help their employers avoid enough tax are more likely to be forced out.
Buyer-supplier intermediary C2FO hopes for a business windfall from the GOP tax bill.
When asked, finance chiefs are signaling that a lower corporate rate won't result in a sustainable increase to their bottom lines.