16:33 ET – Citigroup CFO John Gerspach, speaking at an investor event, said the bank would likely take an upfront hit of $20B under the tax plans recently passed by lawmakers. About $16B-$17B of that would be a write-down of the bank’s deferred tax asset, and the rest would be connected to repatriation. While Citigroup and other banks like Bank of America would take a one-time hit, in the longer run the tax plan is expected to significantly lower the tax rates banks pay, boosting profits. Bank executives have pushed for lawmakers to pass the plan, saying it will benefit their customers and stimulate growth. ([email protected])
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