The five largest banks in the United States reaped tens of billions of dollars in profits in the first half of the year, thanks in part to a strong economy and to the lingering effects of President Donald Trump's tax cuts.

Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo have all seen their tax rates decline to 22 per cent or less as a result of the cuts, compared with rates of around 30 per cent three years ago, one of the most consistent sources of strength apparent in quarterly earnings reports issued this week.

JPMorgan's tax

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