Earnings Roundup: How Did the Big Banks Fare?
One-off tax charges have wiped out quarterly profits at U.S. banks, but all of the big names beat earnings estimates.
By James Gard
Despite a record end to 2017 for U.S. stock markets as whole, profits at the major U.S. investment banks have taken a hit in the last quarter of the year. Unusually low volatility in equity markets and lower transactions in fixed-income or bond markets have harmed trading divisions' profits.
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