Goldman Sachs Group Inc. said Friday it expects fourth-quarter earnings to decrease by about $5 billion due to the new US tax law signed by President Trump last week.

Around two-thirds of the $5 billion decrease is due to repatriation tax, Goldman said in a statement with the US Securities and Exchange Commission.

However, the impact of the tax legislation may differ from the estimate, according to the bank.

Congress last week approved a US tax overhaul, the biggest in 30 years, which includes steep tax cuts for corporations and wealthy taxpayers.

The new law significantly lowers the income tax rate for US companies — to 21 percent from 35 percent — allowing them to repatriate cash from overseas, and modifies numerous deductions, among other changes.

The tax overhaul will allow Apple Inc. to bring back its $252.3 billion foreign cash pile without a major tax hit — a long-standing company goal.

Drugmaker Amgen Inc. last Friday also said it expects to incur tax expenses of $6 billion to $6.5 billion over time as it repatriates cash it has accumulated around the world because of the new law.