(Reuters) - Canada's Toronto-Dominion Bank (>> Toronto-Dominion Bank) said on Monday it would take a hit of $400 million in the first quarter related to the remeasurement of certain net deferred tax assets as a result of U.S. President Donald Trump's tax reforms. [nCNWwYw14a]

The sweeping tax code changes enacted in late December cuts the corporate tax rate to 21 percent from 35 percent and were expected to mean short-term pain but long-term gain for U.S.-based corporations. [nL1N1OT0PN]

Several U.S. big banks, like Goldman Sachs (>> Goldman Sachs Group), Morgan Stanley (>> Morgan Stanley) and Citigroup (>> Citigroup) have said they will take a hit in their fourth-quarter earnings because of the tax reform.

(Reporting by Akshara P in Bengaluru; Editing by Martina D'Couto)