(FILES) This file photo taken on November 14, 2009 shows a plaque for investment banking giant Goldman Sachs in Hong Kong. AFP / RICHARD A. BROOKS
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Goldman Sachs expects to take a $5 billion hit to profits for the fourth quarter and year because of the tax overhaul signed into law last week.Goldman, which releases fourth-quarter and annual results in mid-January, had profits of $2.35 billion in the fourth quarter of 2016, and annual profits of $7.4 billion.U.S. companies had found ways to legally park money overseas to avoid the higher U.S. corporate tax. The tax change for Goldman Sachs was revealed in a filing with the U.S. Securities and Exchange Commission early on Friday.
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