The nation’s six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump.

While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost came from the billions of dollars they saved in taxes under the tax law. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank’s tax rates going back to 2015.

Big publicly traded banks — such JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America — typically kick off the earnings season. The reports for the January-March quarter are giving investors and the public their first glimpse into how the new tax law is impacting Corporate America.

Before the change in tax law, the maximum U.S. corporate income tax rate was 35 percent, not including what companies paid in state income taxes. Banks historically paid some of the highest taxes among the major industries, due to their U.S.-centric business models. Before the Trump tax cuts, these banks paid 28 to 31 percent of their income each year in corporate taxes.

$300M bid for Toys R Us Canada

Canada’s Fairfax Financial Holding has placed a bid of $300 million to buy Toys R Us’s Canadian operations out of bankruptcy.

According to court papers filed late Thursday, the bidder is taking a “stalking horse” role in a court-approved auction Monday in New York. That means it could be outbid if other buyers come in with a higher offer. The bid from Fairfax surpassed the $215 million offer that Isaac Larian, the CEO of privately held toy company MGA Entertainment, along with several other investors, made last week.

Larian, along with other investors, has also offered $675 million to buy 274 U.S. stores.

In March, Toys R Us said it would be liquidating its U.S. business.

Walmart tests new dress code

Retail giant Walmart is testing a new dress code that gives employees more freedom.

Under the pilot program at fewer than 100 stores, workers can wear solid color blue jeans instead of khaki-colored or black denim pants. They also can wear a solid-color shirt.

Corporate communications director Justin Rushing says Walmart is always listening to its associates and their feedback helps test these kinds of ideas. The pilot program will continue until the company feels it has gathered enough information.

Walmart revised its dress code in 2015 when it permitted employees with physically demanding jobs to wear T-shirts.

THE BOTTOM LINE

$5K The amount that Southwest Airlines says it will send passengers who were on a flight earlier this week that made an emergency landing after an engine exploded. The airline has sent a letter of apology to passengers. ABC News reports that it obtained a letter to one passenger signed by CEO Gary Kelly that included a $5,000 check and a $1,000 travel voucher. The company confirmed that it sent the “communication and gesture” to passengers.