More banks,

Morgan Stanley’s disclosure on Friday brings it in line with Goldman Sachs, Bank of America and Citigroup, which have all put out rough estimates of the effect of the tax changes.

Before Christmas, Bank of America said it would take a $ 3- billion charge “primarily” from a lower value of DTAs.

Citigroup said it expected a hit of about $20 billion — of this, $16 billion in DTA writedowns and the remainder from “repatriation” effects. Goldman said last week it expected to take a roughly $5-billion charge during the period, about two-thirds of which would be linked to repatriation.

The old rules allowed companies to defer US taxes until they brought back earnings held abroad, which meant, in practice, that many multinationals simply left profits in the subsidiaries where they were generated.

The new law introduces a “deemed repatriation,” in which the Treasury would tax those earnings at a 15.5% rate, if held in cash or liquid securities, while non- cash holdings in the form of plants and equipment would face an 8% rate. The money could then be brought back into the US with no extra penalties.

The first-quarter earnings season for the big US banks begins on Jan. 12, with JPMorgan Chase and Wells Fargo.

All told, this will be a “particularly messy” set of results for the US banks, said Bernstein analyst John McDonald, with numerous one-off charges and gains relating to tax reforms and banks looking to accelerate various deductions into 2017.

“All focus will be on banks’ forward guides for new tax rates and how they will share or spend the upside,” he said.