Q4 snap: solid numbers despite tax reform hit
On an adjusted basis, C delivered results in line with consensus. Despite the low volatility environment, FICC revenues held up better than expected. Tax reform led to a higher than expected non-cash charge of $22bn due to a DTA write-down and deemed repatriation but C remains committed to returning $60bn of capital over the three year CCAR cycle. We reiterate our Overweight recommendation.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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