January 05, 2018 07:00 pm | Updated 07:00 pm IST
File photo: The corporate logo for financial firm Morgan Stanley is pictured on a building in San Diego, California.
Morgan Stanley said on Friday that it would take a $1.25 billion hit in its fourth-quarter earnings due to a cut in corporate tax rate as part of the U.S. tax code overhaul.
The net blow of the bill to the bank will include about a $1.4 billion net discrete tax provision, mainly due to the remeasurement of certain net deferred tax assets using the lowered corporate tax rate, the company said in a filing.
It would be offset by $160 million in other positive effects, Morgan Stanley added.
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