Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
A temporary airspace closure forced flights coming into Dubai from Australia, Singapore and India to be diverted to nearby airports.Airlinesread more
Schiff had previously shied away from calling for impeachment, but his comments on CNN's "State of the Union" indicate his stance has shifted.Politicsread more
Citigroup would take a $20 billion upfront hit from the Republican tax bill should it become law, the company's chief financial officer said during a presentation Wednesday.
The bank would take a big hit from writing off deferred tax assets it has held on its books, roughly $16 billion to $17 billion, John Gerspach said during a question-and-answer session at a Goldman Sachs banking conference in New York. And it would take a $3 billion to $4 billion hit from paying taxes on money it had held overseas.
A deferred tax asset is actually a benefit for a company, allowing it to claim tax relief in subsequent years. But Citi planned those assets for a 35 percent tax rate. If the rate drops to the GOP's target of 20 percent, the assets are worth less to Citi, and it has to write off the difference.
Much has been written about the benefits to corporations from the tax bill, including that lower 20 percent tax rate, but less has been understood about the consequences as companies are forced to shift how they have done their tax planning.
"If we look again from what we understand in that tax bill," Gerspach said specifically of the Senate version, "our best estimate would be in the year that bill gets signed, we would probably have a upfront hit of $20 billion."
Shares of Citi fell 1.4 percent on Wednesday and traded flat after hours.