LONDON: Barclays expects to take a writedown of about £1 billion ($1.34 billion) on its annual post-tax profit as a result of the US tax overhaul, the bank said in a statement on Wednesday.
The reform to the tax system signed into law by President Donald Trump on Dec. 22 will force the British lender to reduce the value of its deferred tax assets, prompting it to take a one-off charge in its results for the 12 months to the end of December.
It will also lead to the banks common equity Tier 1 capital ratio, a key measure of its financial strength, falling by about 20 basis points, the lender said.
Since taking the helm at Barclays in December 2015, Chief Executive Jes Staley has streamlined the bank into a trans-Atlantic lender focused o…
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