Goldman Sachs has estimated that President Donald Trump's tax changes will knock billions of its earnings.
The investment giant has said in a filing to regulators that its fourth-quarter results, which are due in January, will be hit by $5bn (£3.7bn) as a result of the tax changes being brought in by the Trump administration.
Two-thirds to the total will be due to changes to US corporate income tax. The Trump administration's repatriation taxes will be a one-time levy on money held offshore. Firms will have to pay 15.5 per cent on cash and liquid assets, and eight per cent on non-liquid assets.
Trump brought in the Tax Cuts and Jobs Act on 22 December. The act will bring down corporate tax rates from 35 per cent to 21 per cent, and, in concert with new rules on moving profits offshore, is expected to bring business profits back to the US from overseas.
Shell and Barclays have also warned that their earnings will take an initial hit, but have said the tax reforms will increase earnings in the long term.