A $4.4bn charge linked to US President Donald Trump’s tax reforms has wiped out fourth-quarter profits at Goldman Sachs, capping a gloomy year for what is usually one of Wall Street’s most successful investment banks.

Goldman revealed the hit, which it flagged was coming in December, in its results for the fourth quarter and full year 2017. In doing do so it joined US rivals JPMorgan and Citigroup in seeing its bottom line bruised by the short-term effects of Trump’s much-trailed overhaul of the US tax system.