Tax reform

Bank of America, PNC join a growing list of banks planning to use the anticipated savings from the reduction in the corporate tax rate to boost wages for employees.

The legislation and public perceptions of it are expected to play a major role in 2018 elections that will determine whether Republicans retain control of Congress.

After Wells Fargo and Fifth Third said that the looming tax cut will allow them to raise pay, four smaller banks followed suit.

Fifth Third said it will give a bonus or raise to about three-quarters of its employees while Wells Fargo raised its minimum hourly pay in the wake of Congress' passing a tax reform bill.

The leaders of both national credit union trade associations praised lawmakers for maintain the movement’s tax-exempt status in the final version of a controversial tax reform bill.

The tax reform legislation approved by Congress on Wednesday and expected to be signed by President Trump soon is mostly good news for banks, but many will have to take big charges in the fourth quarter as a result.

The Senate approved the final tax reform plan 51-48 early Wednesday, the second-to-last obstacle before sending it to President Trump for his signature.

The House vote moved a sharp reduction in the corporate tax rate for banks and other businesses to within a few steps of becoming law.

Mary Mack adds mortgage and auto units to her already large portfolio; futures price dips but volume up compared to Cboe’s first day of trading.

With tax reform close to the finish line, bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill includes some caveats that might give institutions pause.