Why Wells Fargo Could Be One of Tax Reform's Big Winners
CNN/Stylemagazine.com Newswire | 12/22/2017, 10:26 a.m.
Some of Wall Street's largest banks stand to win big from the tax bill now hurtling its way towards the president's desk — but among them, Wells Fargo will make out the best. That's according to an analysis released by the equity research team at Goldman Sachs, which ran the numbers from the compromise measure that was revealed by Congress. The bill, which could be enacted within days, will give the country's seven largest banks — not including Goldman itself — an average 14% increase in earnings, Goldman found. That's because of the plan's big cut in the corporate tax rate -- from 35% to 21%. Wells Fargo would make out the best, with an 18% boost, in large part because it derives nearly all of its profits from the United States, Goldman said. The company declined to comment for this story. Wells Fargo could use some good news.