Morgan Stanley to take $1.25B hit from tax bill

Morgan Stanley announced it would take a $1.25 billion hit to its fourth-quarter earnings because of the federal tax bill.

The hit is mainly due to the remeasurement of certain net deferred tax assets using the lowered corporate tax rate, according to a company filing.

Officials also said the loss would be partially offset by $160 million in other positive effects.

Read more from Reuters.