Goldman Sachs to Take One-Time $5 Billion Tax Hit

The video discusses the impact of tax reforms on major banks, focusing on Goldman Sachs' $5 billion tax hit due to repatriation and deferred tax assets. Other banks like JP Morgan and Citigroup also face significant tax impacts. Despite these one-time losses, the market remains optimistic about the long-term benefits of a lower corporate tax rate. However, foreign banks like Credit Suisse and Barclays express concerns about ongoing negative effects due to the tax changes.

What is the corporate tax rate mentioned that will benefit companies?

What potential ongoing negative effects could foreign banks face due to the tax change?