Bank of America takes tax hit, vows longer-term boost

By Sweta Singh and Elizabeth Dilts(Reuters) - Bank of America Corp's quarterly profit was nearly chopped in half by tax-related charges but the lender's management promised the new U.S. tax system would eventually benefit shareholders.

The tax overhaul, signed by U.S. President Donald Trump late in December, is taking a chunk out of Wall Street profits this quarter as lenders swallow one-time charges on overseas earnings and account for tax benefits that are now less valuable because of the lower corporate rate.Leaving aside the tax hit, which.....

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