Major banks are set to take massive writedowns in the fourth quarter as a result of US President Donald Trump's tax overhaul - in some cases, big enough to wipe out profits in the period. Banks could benefit from lower taxation charges in the future, but in the short term both US and overseas banks will be hurt: GOLDMAN SACHS has said it will take a US$5bn hit, while the effect for CREDIT SUISSE, BARCLAYS and DEUTSCHE BANK will also be in the billions.
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