U.S. bank executives see delayed boost from tax overhaul


By Meredith MazzilliNEW YORK (Reuters) - Banks have not reaped the full benefit of U.S. tax cuts, Wall Street executives said on Friday after a string of quarterly results, with expected business growth and higher consumer spending yet to materialize.

Analysts and investors are still trying to work out the longer-term effects of the tax rewrite signed into law in December, which slashed the federal corporate rate.Asked what impact Wells Fargo & Co is seeing from the new tax law, the bank's finance chief, John Shrewsberry, said "not much yet.".

This article is no longer available in our repository.

There could be multiple reasons for this.