Barclays expects $1.3 billion writedown from U.S. tax reform

Barclays expects $  1.3 billion writedown from U.S. tax reformBy Ben Martin LONDON (Reuters) – Barclays expects to take a writedown of about 1 billion pounds ($ 1.34 billion) on its annual post-tax profit as a result of the U.S. 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. Since taking the helm at Barclays in December 2015, Chief Executive Jes Staley has streamlined the bank into a transatlantic lender focused on the United States and Britain.

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