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.

The New York bank on Friday became one of the first to release details on how changes in the tax code will affect how money parked overseas is handled.

Two thirds of the $5 billion are due to changes in repatriation taxes, when funds are returned from overseas, according to Goldman. The remainder includes the ‘effects of the implementation of the territorial tax system and the remeasurement of U.S. deferred tax assets at lower enacted corporate tax rates.’

The new tax overhaul imposes a discounted one-time levy on money held overseas – 15.5 percent for earnings held in cash or other liquid assets and 8 percent for earnings held in harder-to-sell assets.

It would be a big one-time hit for Goldman, which had been expected to post fourth-quarter net income of $2.07 billion, according to banking analysts polled by FactSet. The bank reports earnings in mid-January.

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