Disgraced late sex offender and American financier Jeffrey Epstein was guiding Google co-founder Sergey Brin in 2007 to establish a tax-saving trust for his children, recent court documents&nbsp;have revealed.

<h2>Jeffrey Epstein-Sergey Brin ties: The nature and scope</h2>

Epstein, who allegedly committed suicide in prison while awaiting trial,&nbsp;reportedly facilitated Brin's connection with JPMorgan Chase bankers to create a Grantor-Retained Annuity Trust (GRAT), Wall Street Journal reported.&nbsp;

Epstein's similar work on a trust for private equity billionaire Leon Black has attracted scrutiny from Senate investigators, although Black has asserted his purported&nbsp;adherence to the US tax obligations.

A grantor-retained annuity trust&nbsp;is a financial instrument commonly used in the United States to make large financial gifts to family members without paying a US gift tax.

When he passed away in 2019 while in custody&nbsp;Epstein was awaiting trial on federal sex-trafficking charges.

<h2>How Epstein-Sergey Brin ties have surfaced</h2>

The revelations have surfaced within a civil suit filed by the US Virgin Islands against JPMorgan. The lawsuit has accused the bank of aiding Epstein.

The suit highlights the extent of Epstein's influence over the years, even after initial accusations in 2006 and his guilty plea in 2008.

Brin, one of several JPMorgan clients summoned&nbsp;by the US Virgin Islands, is reportedly implicated in the suit, which questions JPMorgan's acceptance of Epstein's referrals and negligence toward his actions.

The bank claims ignorance of Epstein's alleged clients and has expressed regret over its association with disgraced financier.

<h2>What else the court documents say</h2>

The court records reveal that the Google co-founder Brin became a JPMorgan client in 2004 on Epstein's recommendation, and went on to&nbsp;amass over $4 billion in accounts.

According to another email cited in the lawsuit, by January 2007, Epstein inquired about the purported tax-saving trust in a call to a JPMorgan banker while Brin was present.

Also read |&nbsp;<a href="https://www.wionews.com/world/judge-approves-jpmorgan-chase-usd-290-million-settlement-with-epstein-sexual-abuse-accusers-609156">JPMorgan Chase to pay 290 million in settlement with Epstein sexual abuse accusers</a>

Epstein was convicted in 2008 by a Florida state court of procuring a child for prostitution and of soliciting a prostitute.

He served almost 13 months in custody. Later, the US federal officials identified 36 girls, some as young as 14-years-old, whom Epstein had allegedly sexually abused.

Also watch |&nbsp;JP Morgan and the Epstein connection

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Epstein was arrested again in July, 2019, on federal charges for the sex trafficking of minors in Florida and New York. He died in his jail cell in August 2019 by suicide.

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Disgraced late sex offender and American financier Jeffrey Epstein was guiding Google co-founder Sergey Brin in 2007 to establish a tax-saving trust for his children, recent court documents have revealed.

Disgraced late sex offender and American financier Jeffrey Epstein was guiding Google co-founder Sergey Brin in 2007 to establish a tax-saving trust for his children, recent court documents have revealed. Jeffrey Epstein-Sergey Brin ties: The nature and scope Epstein, who allegedly committed suicide in prison while awaiting trial, reportedly facilitated Brin's connection with JPMorgan Chase bankers to create a Grantor-Retained Annuity Trust (GRAT), Wall Street Journal reported. Epstein's similar work on a trust for private equity billionaire Leon Black has attracted scrutiny from Senate investigators, although Black has asserted his purported adherence to the US tax obligations. A grantor-retained annuity trust is a financial instrument commonly used in the United States to make large financial gifts to family members without paying a US gift tax. When he passed away in 2019 while in custody Epstein was awaiting trial on federal sex-trafficking charges. How Epstein-Sergey Brin ties have surfaced The revelations have surfaced within a civil suit filed by the US Virgin Islands against JPMorgan. The lawsuit has accused the bank of aiding Epstein. The suit highlights the extent of Epstein's influence over the years, even after initial accusations in 2006 and his guilty plea in 2008. Brin, one of several JPMorgan clients summoned by the US Virgin Islands, is reportedly implicated in the suit, which questions JPMorgan's acceptance of Epstein's referrals and negligence toward his actions. The bank claims ignorance of Epstein's alleged clients and has expressed regret over its association with disgraced financier. What else the court documents say The court records reveal that the Google co-founder Brin became a JPMorgan client in 2004 on Epstein's recommendation, and went on to amass over $4 billion in accounts. According to another email cited in the lawsuit, by January 2007, Epstein inquired about the purported tax-saving trust in a call to a JPMorgan banker while Brin was present. Also read | JPMorgan Chase to pay 290 million in settlement with Epstein sexual abuse accusers Epstein was convicted in 2008 by a Florida state court of procuring a child for prostitution and of soliciting a prostitute. He served almost 13 months in custody. Later, the US federal officials identified 36 girls, some as young as 14-years-old, whom Epstein had allegedly sexually abused. Also watch | JP Morgan and the Epstein connection × Epstein was arrested again in July, 2019, on federal charges for the sex trafficking of minors in Florida and New York. He died in his jail cell in August 2019 by suicide. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

JP Morgan-Jeffrey Epstein ties went through a Sergey Brin phase, court documents reveal

Fitch ratings, a prominent credit ratings agency, has issued a stark warning that it might downgrade several major banks, including the likes of JP Morgan chase. Chris Wolfe, an analyst at fitch ratings, reveals that the industry's health assessment took a hit earlier this year, albeit with minimal fanfare. However, the possibility of another downgrade, this time from AA- to A+, could have more profound consequences.

Fitch ratings’ warning for US banks | World Business Watch

Will China soon resemble the Japan of the 1990s analysts at JP Morgan definitely feel that way.

China on its way to become Japan of 1990s

Four years after accused sex offender and billionaire Jeffrey Epstein died by suicide in prison the U.S justice department has made stunning revelations in the case the Watchdog has cited prison failure as an important enabler in the accused taking the extreme step in July 2019.

Jeffrey Epstein: Prison created opportunity for suicide, says report

The global economic slowdown has taken its toll on banking and finance giants. Latest reports suggest that Goldman Sachs and JP Morgan, two of the biggest names in global finance, are laying off scores of employees globally. Goldman Sachs has started laying off managing directors across the world as deal making slows down amid a downturn in the global economy. On the other hand, JP Morgan chase is cutting about 40 investment bankers in North America.

JP Morgan, Goldman Sachs join layoff bandwagon

JPMorgan Chase &amp; Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter.

JPMorgan is the largest US bank. It has offered employment to about 85 per cent of First Republic's around 7000 employees for transitional or full time roles. It has been reported that temporary positions will last about three months to a year depending on the job.

"We've been transparent with their employees and kept our promise to update them on their employment status within 30 days," JPMorgan said in an emailed statement.

The bank said that employees who have not been offered jobs will get pay and benefits for 60 days and will be offered package which'll include additional lump sum payments.

First Republic became the largest U.S. bank to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

<h2>Still many opportunities</h2>

"In connection with any job losses, we would emphasize that in the normal course, JPMorgan hires tens of thousands of people in the United States each and every year, which means that there will be many opportunities for career redeployment," Jeremy Barnum, JPMorgan's chief financial officer, told reporters on May 1 when the deal was announced.

There are reportedly more than 13,000 job openings at JPMorgan.

Also Read | <a href="https://www.wionews.com/business-economy/credit-suisse-ordered-by-court-to-pay-926-million-to-ex-pm-of-georgia-596934">Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM</a>

Depositors fled en masse from First Republic during the banking crisis in March. The scare was sparked by two other mid-sized lenders.

Despite receiving a $30 billion deposit lifeline from 11 major banks, shareholders continued to sell First Republic stock. Depositors pulled $100 billion from their accounts from the lender in the first quarter, pushing it toward its collapse weeks later.

News about the job loss was first reported by Bloomberg News.

(With inputs from agencies)

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JPMorgan Chase & Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter.

JPMorgan Chase & Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter. JPMorgan is the largest US bank. It has offered employment to about 85 per cent of First Republic's around 7000 employees for transitional or full time roles. It has been reported that temporary positions will last about three months to a year depending on the job. "We've been transparent with their employees and kept our promise to update them on their employment status within 30 days," JPMorgan said in an emailed statement. The bank said that employees who have not been offered jobs will get pay and benefits for 60 days and will be offered package which'll include additional lump sum payments. First Republic became the largest U.S. bank to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May. Still many opportunities "In connection with any job losses, we would emphasize that in the normal course, JPMorgan hires tens of thousands of people in the United States each and every year, which means that there will be many opportunities for career redeployment," Jeremy Barnum, JPMorgan's chief financial officer, told reporters on May 1 when the deal was announced. There are reportedly more than 13,000 job openings at JPMorgan. Also Read | Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM Depositors fled en masse from First Republic during the banking crisis in March. The scare was sparked by two other mid-sized lenders. Despite receiving a $30 billion deposit lifeline from 11 major banks, shareholders continued to sell First Republic stock. Depositors pulled $100 billion from their accounts from the lender in the first quarter, pushing it toward its collapse weeks later. News about the job loss was first reported by Bloomberg News. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

JPMorgan Chase intimates around 1000 employees of First Republic Bank about their job loss

First Republic Bank, known for catering to affluent clients in California and New York, was once a thriving institution. However, its undoing came in the form of unusually sweet mortgages and jaw-dropping compensation for its employees. The collapse of the San Francisco-based bank, now under the control of JP Morgan chase, has left regulators stunned and the industry questioning the role of incentives.

Lavish incentives sink First Republic Bank

New details have emerged that reveal complex interactions between the infamous financier Jeffrey Epstein and billionaire Microsoft co-founder Bill Gates the convicted sex offender Epstein appears to have threatened Bill Gates and tried to blackmail him over his extramarital affair with a Russian bridge player this is as per a report published by The Wall Street Journal now according to the report Epstein had sent an email to Gates in 2017 in which he threatens Gates about his alleged Affair he did this after multiple failed attempts to convince gates to join his efforts to establish a large charitable fund with JP Morgan

Jeffrey Epstein threatened Bill Gates over alleged affairs

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: The US Virgin Islands subpoenas documents from Elon Musk in JP Morgan's Jeffrey Epstein Case under the allegations that JP Morgan Chase benefited financially from Epstein's sex trafficking operations.

Musk subpoenaed in Epstein case | Prosecutor faults FBI's Trump-Russia probe

The US Virgin Islands have summoned Elon Musk as part of its lawsuit against JP Morgan requesting documents from the billionaire under the allegations that JP Morgan Chase benefited financially from Jeffrey Epstein's sex trafficking operations.

The US Virgin Islands subpoenas documents from Elon Musk in JP Morgan's Jeffrey Epstein Case

Trouble seems to be mounting for First Republic Bank. Days after US regulators seized the bank and sold it to JP Morgan, the Securities and Exchange Commission (SEC) is investigating some executives at the US bank for insider trading.

US probes insider trading at First Republic Bank

U.S. President Joe Biden on Monday welcomed the sale of first republic bank to JPMorgan. And assured Americans that the banking system in the country is "Safe and sound".

U.S. President hails sale of troubled First Republic Bank to JPMorgan

Here we bring you a quick round-up of all latest news and top headlines from all across the globe - JP Morgan chase to acquire first Republic Bank, protest in US to end Sudan conflict, Russia-Ukraine War, Swedish military conducts the Aurora 2023 exercise, Indonesian workers march to mark International Labour Day.

JP Morgan chase to acquire first Republic Bank; Russia-Ukraine war | WION Speed News

JP Morgan reported a surge in deposits in the first quarter, as the sudden collapse of two US regional banks in March drove customers to move their money to bigger lenders.

JP Morgan bank sees a surge in deposits amid US banking crisis

Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank.

In a memo sent out to all employees on March 13, as seen by Reuters news agency, JP Morgan said they "should never give the appearance of exploiting a situation of stress or uncertainty," adding, "We do not make disparaging comments regarding competitors."

The branch employees were told to “refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters.

Citigroup has also given a similar note to its business heads, Reuters reported citing sources. The guidance includes not speculating about other banks or market rumours.

Similarly, Bank of America Corp briefed their employees asking them not to go after the customers of the embattled banks or doing anything to exacerbate the situation.

The collapse of the SVB and Signature Bank—the second and third largest lenders to fail in US history—forced the customers to move about half a trillion dollars of deposits from “vulnerable" banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday, according to Reuters.

As such, many banking giants absorbed these deposits as they are required by regulators to hold more capital to withstand shocks.

Though lenders have traditionally competed for customers, the loss of confidence on the country’s banking system in the last two weeks has sparked fears that it could lead to a broader panic.

(With inputs from agencies)

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Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank.

Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank. In a memo sent out to all employees on March 13, as seen by Reuters news agency, JP Morgan said they "should never give the appearance of exploiting a situation of stress or uncertainty," adding, "We do not make disparaging comments regarding competitors." The branch employees were told to “refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters. Citigroup has also given a similar note to its business heads, Reuters reported citing sources. The guidance includes not speculating about other banks or market rumours. Similarly, Bank of America Corp briefed their employees asking them not to go after the customers of the embattled banks or doing anything to exacerbate the situation. The collapse of the SVB and Signature Bank—the second and third largest lenders to fail in US history—forced the customers to move about half a trillion dollars of deposits from “vulnerable" banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday, according to Reuters. As such, many banking giants absorbed these deposits as they are required by regulators to hold more capital to withstand shocks. Though lenders have traditionally competed for customers, the loss of confidence on the country’s banking system in the last two weeks has sparked fears that it could lead to a broader panic. (With inputs from agencies) WATCH WION LIVE HERE

Leading US lenders ask employees not to poach clients of embattled banks: Report

A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking.&nbsp;

District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding that&nbsp;he agreed to provide more details later, as reported by Reuters.&nbsp;

Furthermore, the judge ruled that JPMorgan must defend itself against a lawsuit filed by the US Virgin Islands accusing the bank of failing to notice warning signs regarding Epstein's abuse on Little St James, a private island he owned there.&nbsp;

The decision to continue working with Epstein after the now&nbsp;deceased financier registered as a sex offender might put the banks in danger of losing money and their reputation.&nbsp;

While awaiting a sex trafficking trial, Epstein died by&nbsp;suicide at the age of 66 in a prison cell in Manhattan in August 2019. In 2008, he had admitted guilt to a Florida state court charge of prostitution, and he subsequently registered as a sex offender.

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/revenge-porn-hell-nearly-killed-me-says-stephen-bears-ex-girlfriend-love-island-star-georgia-harrison-573798">'Revenge porn hell nearly killed me,' says Stephen Bear's ex-girlfriend &amp; Love Island star Georgia Harrison</a>

More than 300 Epstein victims are expected to testify at a trial in October, and the women's attorney, Brad Edwards, estimated that damages might reach billions of dollars.

The decision was made in light of accusations that Jes Staley, a former executive at JPMorgan, exchanged sexually explicit texts with Epstein and engaged in sexual assault himself.&nbsp;

While acknowledging his friendship with Epstein, Staley expressed regret for their friendship and denied knowledge of Epstein's alleged wrongdoing.

(With inputs from agencies)

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A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking. District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding that he agreed to provide more details later, as reported by Reuters.

A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking. District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding that he agreed to provide more details later, as reported by Reuters. Furthermore, the judge ruled that JPMorgan must defend itself against a lawsuit filed by the US Virgin Islands accusing the bank of failing to notice warning signs regarding Epstein's abuse on Little St James, a private island he owned there. The decision to continue working with Epstein after the now deceased financier registered as a sex offender might put the banks in danger of losing money and their reputation. While awaiting a sex trafficking trial, Epstein died by suicide at the age of 66 in a prison cell in Manhattan in August 2019. In 2008, he had admitted guilt to a Florida state court charge of prostitution, and he subsequently registered as a sex offender. ALSO READ | 'Revenge porn hell nearly killed me,' says Stephen Bear's ex-girlfriend & Love Island star Georgia Harrison More than 300 Epstein victims are expected to testify at a trial in October, and the women's attorney, Brad Edwards, estimated that damages might reach billions of dollars. The decision was made in light of accusations that Jes Staley, a former executive at JPMorgan, exchanged sexually explicit texts with Epstein and engaged in sexual assault himself. While acknowledging his friendship with Epstein, Staley expressed regret for their friendship and denied knowledge of Epstein's alleged wrongdoing. (With inputs from agencies) WATCH WION LIVE HERE:

JPMorgan, Deutsche Bank must defend against allegedly facilitating Epstein's sex trafficking: US court

Years after the death of Jeffrey Epstein, horrific details about the sexual abuse linked to the American billionaire continue to emerge. Now, Jes Staley, the former boss of Barclays, has been accused of having discussions with Epstein on photographs of young women in sexually suggestive poses. He allegedly exchanged over 1,200 emails with the American financier, according to a lawsuit filed in the United States, reports have said. These emails allegedly included messages about “women who they referred to by the names of Disney princesses that Epstein [allegedly] procured for Staley”.

While Staley has denied the claims against him, the US Virgin Islands (USVI) lawsuit has also accused JP Morgan Chase, his ex-employer, of helping Epstein's trafficking of women and girls, a report published by British news website The Guardian has pointed out. Staley is not a party to the new lawsuit.&nbsp;

Despite the house arrest of the financier in 2008 in a related case, according to the allegations highlighted in the report, the American banking giant continued to communicate with Epstein. “On 8 January 2009 – around the time of Staley’s scheduled visit to Palm Beach – Epstein wired $2,000 from his JPMorgan account to a woman with an eastern European surname,” reads the suit.&nbsp;

This is the latest in the series of allegations after it was claimed that JP Morgan "personally observed" the former client's misconduct.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/ghislaine-maxwell-claims-jeffrey-epstein-was-murdered-555514">Ghislaine Maxwell claims Jeffrey Epstein was murdered</a>

In 2021, Staley quit Barclays amid anger related to a British regulatory probe if the bank had been transparent about its relationship with Epstein. Stressing that he was "friendly" with Epstein, Staley has said in the past that he did not have a clue about his alleged crimes and ended the friendship before taking over as Barclays boss. In a report on the UK investigation, The Wall Street Journal pointed out amid the backlash that Staley provided an incomplete picture of his friendship with Epstein.&nbsp;

One of the purported conversations between Staley and Epstein has been highlighted in the suit when Staley allegedly wrote to the billionaire: “That was fun. Say hi to Snow White.” “[W]hat character would you like next?” Epstein allegedly responded. “Beauty and the Beast," was the response.&nbsp;

Epstein died from suicide in 2019 by hanging in a jail. &nbsp;

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Years after the death of Jeffrey Epstein, horrific details about the sexual abuse linked to the American billionaire continue to emerge. Now, Jes Staley, the former boss of Barclays, has been accused of having discussions with Epstein on photographs of young women in sexually suggestive poses.

Years after the death of Jeffrey Epstein, horrific details about the sexual abuse linked to the American billionaire continue to emerge. Now, Jes Staley, the former boss of Barclays, has been accused of having discussions with Epstein on photographs of young women in sexually suggestive poses. He allegedly exchanged over 1,200 emails with the American financier, according to a lawsuit filed in the United States, reports have said. These emails allegedly included messages about “women who they referred to by the names of Disney princesses that Epstein [allegedly] procured for Staley”. While Staley has denied the claims against him, the US Virgin Islands (USVI) lawsuit has also accused JP Morgan Chase, his ex-employer, of helping Epstein's trafficking of women and girls, a report published by British news website The Guardian has pointed out. Staley is not a party to the new lawsuit. Despite the house arrest of the financier in 2008 in a related case, according to the allegations highlighted in the report, the American banking giant continued to communicate with Epstein. “On 8 January 2009 – around the time of Staley’s scheduled visit to Palm Beach – Epstein wired $2,000 from his JPMorgan account to a woman with an eastern European surname,” reads the suit. This is the latest in the series of allegations after it was claimed that JP Morgan "personally observed" the former client's misconduct. Also read: Ghislaine Maxwell claims Jeffrey Epstein was murdered In 2021, Staley quit Barclays amid anger related to a British regulatory probe if the bank had been transparent about its relationship with Epstein. Stressing that he was "friendly" with Epstein, Staley has said in the past that he did not have a clue about his alleged crimes and ended the friendship before taking over as Barclays boss. In a report on the UK investigation, The Wall Street Journal pointed out amid the backlash that Staley provided an incomplete picture of his friendship with Epstein. One of the purported conversations between Staley and Epstein has been highlighted in the suit when Staley allegedly wrote to the billionaire: “That was fun. Say hi to Snow White.” “[W]hat character would you like next?” Epstein allegedly responded. “Beauty and the Beast," was the response. Epstein died from suicide in 2019 by hanging in a jail. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Startling claims: Barclays ex-boss Jes Staley, Jeffrey Epstein shared sexualised photos of young girls

JP Morgan benefitted from Jeffrey Epstein’s sex crimes, as per a lawsuit filed by the attorney general of the US Virgin Islands earlier this week. The charges levelled against the bank also mention that it helped Epstein conceal the sexual abuse of underage girls at his property on Little St. James. JP Morgan failed to report Jeffrey Epstein’s suspicious activities, as per the lawsuit, which added, “JP Morgan knowingly, negligently and unlawfully provided and pulled the levers through which recruiters and victims were paid and was indispensable to the operation and concealment of the Epstein trafficking enterprise.”

<h2>Who was Jeffrey Epstein?</h2>

In Jeffrey Epstein’s own words, he was a sexual offender. He was accused of operating a vast network of underage girls for sex. He was a former financer and long-time partner of British ex-socialite Ghislaine Maxwell, who was convicted of sex trafficking charges. In August 2019, Epstein apparently committed suicide in his jail cell in New York, where he was held without bail while he waited for the trial on sex trafficking and conspiracy charges.

Watch:&nbsp;JP Morgan &amp; Co sued over fees for Cryptocurrency

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<h2>What is US Virgin Islands’s lawsuit against Jeffrey Epstein aimed at?</h2>

The lawsuit is aimed at requiring JP Morgan chase to surrender the profits it earned through dealings with Jeffrey Epstein and pay an unspecified amount of cash in penalties and damages to the government. As per New York Times, Jeffrey Epstein remained JP Morgan’s client for more than 15 years. He was ejected as a client by the bank only in 2013 after a number of employees and groups sounded an alarm over legal and reputational risks.

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/jp-morgan-chase-is-ends-its-business-with-kanye-west-525476">JP Morgan Chase is ending its business with Kanye West</a>

The lawsuit filed by US Virgin Islands against JP Morgan follows one month after two of Epstein’s accusers filed complaints against JP Morgan and Deutsche Bank for allegedly minting millions of dollars in profits off of their relationships with him and his criminal enterprise.

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JP Morgan benefitted from Jeffrey Epstein’s sex crimes, as per a lawsuit filed by the attorney general of the US Virgin Islands earlier this week. The charges levelled against the bank also mention that it helped Epstein conceal the sexual abuse of underage girls at his property on Little St.

JP Morgan benefitted from Jeffrey Epstein’s sex crimes, as per a lawsuit filed by the attorney general of the US Virgin Islands earlier this week. The charges levelled against the bank also mention that it helped Epstein conceal the sexual abuse of underage girls at his property on Little St. James. JP Morgan failed to report Jeffrey Epstein’s suspicious activities, as per the lawsuit, which added, “JP Morgan knowingly, negligently and unlawfully provided and pulled the levers through which recruiters and victims were paid and was indispensable to the operation and concealment of the Epstein trafficking enterprise.” Who was Jeffrey Epstein? In Jeffrey Epstein’s own words, he was a sexual offender. He was accused of operating a vast network of underage girls for sex. He was a former financer and long-time partner of British ex-socialite Ghislaine Maxwell, who was convicted of sex trafficking charges. In August 2019, Epstein apparently committed suicide in his jail cell in New York, where he was held without bail while he waited for the trial on sex trafficking and conspiracy charges. Watch: JP Morgan & Co sued over fees for Cryptocurrency × What is US Virgin Islands’s lawsuit against Jeffrey Epstein aimed at? The lawsuit is aimed at requiring JP Morgan chase to surrender the profits it earned through dealings with Jeffrey Epstein and pay an unspecified amount of cash in penalties and damages to the government. As per New York Times, Jeffrey Epstein remained JP Morgan’s client for more than 15 years. He was ejected as a client by the bank only in 2013 after a number of employees and groups sounded an alarm over legal and reputational risks. Also Read | JP Morgan Chase is ending its business with Kanye West The lawsuit filed by US Virgin Islands against JP Morgan follows one month after two of Epstein’s accusers filed complaints against JP Morgan and Deutsche Bank for allegedly minting millions of dollars in profits off of their relationships with him and his criminal enterprise. WATCH WION LIVE HERE ×

JP Morgan chase lawsuit: US Virgin Islands accuses the bank of aiding Jeffrey Epstein's sex crimes

JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction.

Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve's quantitative easing policy are among the indicators of a potential recession, he said in an interview to the business news channel.

"These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now," Dimon said.

Dimon's comments came just when US banks would begin to file third-quarter earnings from Friday. This year the benchmark S&amp;P 500 index has lost about 24 per cent. All three major US indices have been trading in bear market territory.

Dimon said the S&amp;P 500 could fall by "another easy 20%" from the current levels, with the next 20% slide likely to "be much more painful than the first", according to the CNBC report.

Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest US investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction.

JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction. Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve's quantitative easing policy are among the indicators of a potential recession, he said in an interview to the business news channel. "These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now," Dimon said. Dimon's comments came just when US banks would begin to file third-quarter earnings from Friday. This year the benchmark S&P 500 index has lost about 24 per cent. All three major US indices have been trading in bear market territory. Dimon said the S&P 500 could fall by "another easy 20%" from the current levels, with the next 20% slide likely to "be much more painful than the first", according to the CNBC report. Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest US investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US economy to dip into recession next year: JP Morgan CEO Jamie Dimon

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure.

The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement.

&nbsp;“No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London.

The bank further said that an “overwhelming majority of clients would not be affected until 2023.”

Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf.

Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking.

The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank.

Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business.&nbsp;

The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain.

Goldman is also offering savings accounts under its consumer arm Marcus in Britain.

(With inputs from agencies)

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Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank.

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed. “Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement. “No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London. The bank further said that an “overwhelming majority of clients would not be affected until 2023.” Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf. Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking. The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank. Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business. The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain. Goldman is also offering savings accounts under its consumer arm Marcus in Britain. (With inputs from agencies) WATCH WION LIVE HERE:

Citigroup plans to shut down its lone retail bank in UK

The London court will today begin to hear a lawsuit launched by Nigeria against US bank JP Morgan chase, claiming more than $1.7 billion for its role in a disputed 2011 oil field deal.

Nigeria sues JP Morgan for $1.7 billion over oil deal

US bank JP Morgan, in a new report, has revealed that the oil prices could surge by 66 per cent in 2022, which is US $125 per barrel. Crude oil could cost as much as US $150 per barrel by 2023.

As per Christyan Malek, JP Morgan's head of oil and gas research, the main issue&nbsp;is that the OPEC nations have plenty of oil, however, they don't have the logistics to deliver it quickly.&nbsp;

JP Morgan estimates that OPEC's real spare capacity stands at 2 million barrels per day next year. The American bank said that OPEC's spare capacity equates to 4 per cent of total capacity. This is a decrease from an average of 14 per cent between 1995 and 2020. When this amount gets even lower, oil prices will surge.

<a href="https://www.wionews.com/world/stocks-tumble-oil-prices-slump-amid-concerns-over-new-virus-variant-432211">Also read |&nbsp;Stocks tumble, oil prices slump amid concerns over new virus variant</a>

Oil prices have hit a low in the past few days due to the new Covid variant - Omicron. Investors have been fearing that if a lockdown is imposed, it would reduce travel and therefore lower demand for oil. However, JP Morgan believes that there will be no reduction in travels. "We believe the market may overestimate the impacts of the recent emergence of the Omicron variant of COVID-19 on oil prices during the US holiday period," it said.&nbsp;

On Friday, stock markets and oil prices hit a new low over fears of a new coronavirus variant. "It's Black Friday today for the retailers, but it's 'Red Friday' right now for the stock market," said Patrick O'Hare at Briefing.com.&nbsp;

Justin Tang at United First Partners said that, "The world has gone through this before" with the Delta variant. "Mutations are expected and not something unknown," he said.

(With inputs from agencies)

US bank JP Morgan, in a new report, has revealed that the oil prices could surge by 66 per cent in 2022, which is US $125 per barrel. Crude oil could cost as much as US $150 per barrel by 2023.

US bank JP Morgan, in a new report, has revealed that the oil prices could surge by 66 per cent in 2022, which is US $125 per barrel. Crude oil could cost as much as US $150 per barrel by 2023. As per Christyan Malek, JP Morgan's head of oil and gas research, the main issue is that the OPEC nations have plenty of oil, however, they don't have the logistics to deliver it quickly. JP Morgan estimates that OPEC's real spare capacity stands at 2 million barrels per day next year. The American bank said that OPEC's spare capacity equates to 4 per cent of total capacity. This is a decrease from an average of 14 per cent between 1995 and 2020. When this amount gets even lower, oil prices will surge. Also read | Stocks tumble, oil prices slump amid concerns over new virus variant Oil prices have hit a low in the past few days due to the new Covid variant - Omicron. Investors have been fearing that if a lockdown is imposed, it would reduce travel and therefore lower demand for oil. However, JP Morgan believes that there will be no reduction in travels. "We believe the market may overestimate the impacts of the recent emergence of the Omicron variant of COVID-19 on oil prices during the US holiday period," it said. On Friday, stock markets and oil prices hit a new low over fears of a new coronavirus variant. "It's Black Friday today for the retailers, but it's 'Red Friday' right now for the stock market," said Patrick O'Hare at Briefing.com. Justin Tang at United First Partners said that, "The world has gone through this before" with the Delta variant. "Mutations are expected and not something unknown," he said. (With inputs from agencies)

Oil price could rise to $125 per barrel in 2022, warns US bank JP Morgan

CEO Jamie Dimon believes that JP Morgan to outlast China's Communist Party.

During the company's anniversary party, he said ''The Communist Party is celebrating its 100th year. So is JPMorgan.''

''And I'll make a bet we last longer. I can't say that in China,'' he said with a chuckle.

''They probably are listening anyway,'' said Dimon in a rare display of candour.&nbsp;

<a href="https://www.wionews.com/world/jp-morgan-sues-tesla-ceo-elon-musk-for-his-flagrantly-ignorant-tweets-430032">Also read |&nbsp;JP Morgan sues Tesla CEO Elon Musk for his 'flagrantly' ignorant tweets</a>

It comes after the investing giant accused Elon Musk's electric car company of "flagrantly" breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank.

It is unusual for a major Wall Street bank to sue such a high-profile client, although&nbsp;JPMorgan&nbsp;has done relatively little business with the electric carmaker over the past seven years.

Dimon had earlier visited Hong after getting special permission from the government&nbsp;to skip a three-week Covid quarantine imposed on most other visitors.

<a href="https://www.wionews.com/sports/us-bank-jpmorgan-says-its-financing-football-super-league-378592">Also read |&nbsp;US bank JPMorgan says it's financing football Super League</a>

He has admitted to the lack of freedom of which in China. Comparing the country with the United States he said "we have the gifts of our founding fathers: freedom of speech, freedom of religion, freedom of enterprise, freedom of human capital, immigration."

JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there.

(With inputs from agencies)

CEO Jamie Dimon believes that JP Morgan to outlast China's Communist Party. During the company's anniversary party, he said ''The Communist Party is celebrating its 100th year.

CEO Jamie Dimon believes that JP Morgan to outlast China's Communist Party. During the company's anniversary party, he said ''The Communist Party is celebrating its 100th year. So is JPMorgan.'' ''And I'll make a bet we last longer. I can't say that in China,'' he said with a chuckle. ''They probably are listening anyway,'' said Dimon in a rare display of candour. Also read | JP Morgan sues Tesla CEO Elon Musk for his 'flagrantly' ignorant tweets It comes after the investing giant accused Elon Musk's electric car company of "flagrantly" breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank. It is unusual for a major Wall Street bank to sue such a high-profile client, although JPMorgan has done relatively little business with the electric carmaker over the past seven years. Dimon had earlier visited Hong after getting special permission from the government to skip a three-week Covid quarantine imposed on most other visitors. Also read | US bank JPMorgan says it's financing football Super League He has admitted to the lack of freedom of which in China. Comparing the country with the United States he said "we have the gifts of our founding fathers: freedom of speech, freedom of religion, freedom of enterprise, freedom of human capital, immigration." JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there. (With inputs from agencies)

Jamie Dimon believes JP Morgan will outlast China's Communist Party

Tesla CEO Elon Musk has been sued for his ''flagrantly'' ignorant tweets by investing giant JPMorgan.

The company has alleged that Musk is clearly ignoring his contractual obligation to pay for its stock warrants contract that expired in July and are worth $162 million.

Following announcements of significant corporate transactions involving Tesla, JPMorgan Chase &amp; Co alleges that Musk re-priced its warrants. It is unusual for a major Wall Street bank to sue such a high-profile client.

<a href="https://www.wionews.com/world/elon-musk-asks-people-to-use-signal-app-instead-of-whatsapp-and-facebook-over-privacy-issues-355704">Also read |&nbsp;Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues</a>

Stock warrants give the holder the right to buy shares at a set price within a certain time period, enabling the holder to profit if the stock rises beyond the specified price.

In 2018, Musk had tweeted ''Am considering taking Tesla private at $420. Funding secured.''

However, he had abandoned his plan 17 days after posting the tweet. This created significant volatility in the share price. Later on Tesla backtracked and said it had no intention of going private.

<a href="https://www.wionews.com/world/i-keep-forgetting-youre-still-alive-elon-musk-takes-a-dig-at-bernie-sanders-offers-to-sell-more-stock-429392">Also read |&nbsp;'I keep forgetting you're still alive': Elon Musk takes a dig at Bernie Sanders, offers to sell more stock</a>

In the same year, Musk was required to step down as chairman under a settlement with the US Securities and Exchange Commission.

He was asked to pay $20 million to settle charges as he defrauded investors with false claims on Twitter about the possible go-private transaction that was quickly aborted.

According to JPMorgan, Tesla complained in 2019 that the bank's adjustments were "an opportunistic attempt to take advantage of changes in volatility in Tesla's stock," but did not challenge the underlying calculations.

(With inputs from agencies)

Tesla CEO Elon Musk has been sued for his ''flagrantly'' ignorant tweets by investing giant JPMorgan. The company has alleged that Musk is clearly ignoring his contractual obligation to pay for its stock warrants contract that expired in July and are worth $162 million.

Tesla CEO Elon Musk has been sued for his ''flagrantly'' ignorant tweets by investing giant JPMorgan. The company has alleged that Musk is clearly ignoring his contractual obligation to pay for its stock warrants contract that expired in July and are worth $162 million. Following announcements of significant corporate transactions involving Tesla, JPMorgan Chase & Co alleges that Musk re-priced its warrants. It is unusual for a major Wall Street bank to sue such a high-profile client. Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues Stock warrants give the holder the right to buy shares at a set price within a certain time period, enabling the holder to profit if the stock rises beyond the specified price. In 2018, Musk had tweeted ''Am considering taking Tesla private at $420. Funding secured.'' However, he had abandoned his plan 17 days after posting the tweet. This created significant volatility in the share price. Later on Tesla backtracked and said it had no intention of going private. Also read | 'I keep forgetting you're still alive': Elon Musk takes a dig at Bernie Sanders, offers to sell more stock In the same year, Musk was required to step down as chairman under a settlement with the US Securities and Exchange Commission. He was asked to pay $20 million to settle charges as he defrauded investors with false claims on Twitter about the possible go-private transaction that was quickly aborted. According to JPMorgan, Tesla complained in 2019 that the bank's adjustments were "an opportunistic attempt to take advantage of changes in volatility in Tesla's stock," but did not challenge the underlying calculations. (With inputs from agencies)

JP Morgan sues Tesla CEO Elon Musk for his 'flagrantly' ignorant tweets

US investment bank JPMorgan on Monday confirmed it is financing the breakaway Super League featuring 12 of Europe's top football clubs, which threatens to shake-up the world's biggest sport.

"I can confirm that we are financing the deal, but have no further comment at the moment," a bank spokesman said in a statement to AFP.

Each of the clubs from England, Italy and Spain will receive a one-off payment of 3.5 billion euros ($4.2 billion).

Six Premier League teams -- Liverpool, Manchester United, Arsenal, Chelsea, Manchester City and Tottenham -- are involved, alongside Real Madrid, Barcelona, Atletico Madrid, Juventus, Inter Milan and AC Milan.

The clubs were immediately accused of greed and cynicism and threatened with international exile.

Organisers said in a statement that three more founding members would be announced, with a further five places up for grabs through a qualifying system each year and the inaugural edition to start as "soon as practicable".

The Super League announcement appeared to be timed to pre-empt UEFA's own scheduled unveiling of reforms to the Champions League on Monday, with an expansion to 36 teams from 32 and two 'wildcard' slots expected to be among the plans. There would be a minimum of 10 games for each team.

UEFA and the three countries' football associations and domestic leagues described the breakaway as "cynical".

The European Commission vice-president for promoting the European way of life said "a values-driven European model of sport based on diversity and inclusion" must be defended.&nbsp;

EU commissioner Margaritis Schinas added on Twitter:

"There is no scope for reserving it for the few rich and powerful clubs who want to sever links with everything associations stand for: national leagues, promotion and relegation and support to grassroots amateur football.

"Universality, inclusion and diversity are key elements of European sport and of our European way of life."

Schinas did not, however, announce any action to prevent the breakaway nor state that it would break any EU law.

US investment bank JPMorgan on Monday confirmed it is financing the breakaway Super League featuring 12 of Europe's top football clubs, which threatens to shake-up the world's biggest sport.

US investment bank JPMorgan on Monday confirmed it is financing the breakaway Super League featuring 12 of Europe's top football clubs, which threatens to shake-up the world's biggest sport. "I can confirm that we are financing the deal, but have no further comment at the moment," a bank spokesman said in a statement to AFP. Each of the clubs from England, Italy and Spain will receive a one-off payment of 3.5 billion euros ($4.2 billion). Six Premier League teams -- Liverpool, Manchester United, Arsenal, Chelsea, Manchester City and Tottenham -- are involved, alongside Real Madrid, Barcelona, Atletico Madrid, Juventus, Inter Milan and AC Milan. The clubs were immediately accused of greed and cynicism and threatened with international exile. Organisers said in a statement that three more founding members would be announced, with a further five places up for grabs through a qualifying system each year and the inaugural edition to start as "soon as practicable". The Super League announcement appeared to be timed to pre-empt UEFA's own scheduled unveiling of reforms to the Champions League on Monday, with an expansion to 36 teams from 32 and two 'wildcard' slots expected to be among the plans. There would be a minimum of 10 games for each team. UEFA and the three countries' football associations and domestic leagues described the breakaway as "cynical". The European Commission vice-president for promoting the European way of life said "a values-driven European model of sport based on diversity and inclusion" must be defended. EU commissioner Margaritis Schinas added on Twitter: "There is no scope for reserving it for the few rich and powerful clubs who want to sever links with everything associations stand for: national leagues, promotion and relegation and support to grassroots amateur football. "Universality, inclusion and diversity are key elements of European sport and of our European way of life." Schinas did not, however, announce any action to prevent the breakaway nor state that it would break any EU law.

US bank JPMorgan says it's financing football Super League

JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets

JP Morgan set to pay $1 billion in spoofing penalty

Negative interest rates: Bankers at the International Monetary Fund meeting weigh-in

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms.

China has stepped up efforts to open its financial sector amid a festering <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">trade war </a>with the United States, with increased access to its financial sector among a host of demands from Washington.

Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute.

The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope.

China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said.

China will not allow forced technology transfers by foreign firms, it said.

Stabilising foreign investment is part of Beijing's policies to support the<a href="https://www.wionews.com/business-economy/global-markets-asia-relieved-at-latest-trade-truce-china-data-disappoints-255740"> slowing economy </a>that has been hit by the country's trade war with the United States.

In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia&nbsp;and Citigroup&nbsp;became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector.

But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China&nbsp;and Bank of China.

"Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's&nbsp;China head of global markets told a financial conference over the weekend.

He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment."

In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase&nbsp;and Japan's Nomura Holdings&nbsp;have obtained regulatory approval to set up majority-owned China ventures.

But China has yet to open more sensitive areas of its financial industry. US&nbsp;payments card giants Mastercard Inc&nbsp;and Visa Inc&nbsp;are still awaiting regulatory approval to conduct yuan clearing business in the country.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent&nbsp;this year and cool further to 5.9 per cent&nbsp;in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus.

The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment.

Tax and fee cuts amounted to 1.5 trillion yuan&nbsp;in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said.

The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington. Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute. The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope. China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said. China will not allow forced technology transfers by foreign firms, it said. Stabilising foreign investment is part of Beijing's policies to support the slowing economy that has been hit by the country's trade war with the United States. In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia and Citigroup became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector. But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China and Bank of China. "Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's China head of global markets told a financial conference over the weekend. He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment." In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase and Japan's Nomura Holdings have obtained regulatory approval to set up majority-owned China ventures. But China has yet to open more sensitive areas of its financial industry. US payments card giants Mastercard Inc and Visa Inc are still awaiting regulatory approval to conduct yuan clearing business in the country. China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year and cool further to 5.9 per cent in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus. The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment. Tax and fee cuts amounted to 1.5 trillion yuan in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said. The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China to scrap business curbs on foreign banks, brokerages

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit</a>.

The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money.

The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures.

"London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year.

In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market.

Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives.

That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">Brexit crisis.</a>

The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU.

It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan.

Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum.

Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone.

And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture.

The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent&nbsp;pay cut to remain in the city.

"If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said.

A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business.

The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s.

But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed.

Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement.

The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London.

Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse&nbsp;and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London.

All banks said they were prepared for a no-deal Brexit, and had been since the first quarter.

Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said.

British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period.

It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink.

Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman.

Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet.

Bruegel did not respond to a request for comment.

Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres.

"There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said.

Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year.

London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October.

Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most.

"It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said.

After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely.

One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union.

But there is scepticism in the market about the longevity of such pledges.

"Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS.

"I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks."

Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit.

"I do stand by my statement," he said of the potential job losses.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money. The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures. "London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year. In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market. Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives. That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year Brexit crisis. The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU. It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan. Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum. Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone. And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture. The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent pay cut to remain in the city. "If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said. A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business. The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s. But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed. Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement. The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London. Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London. All banks said they were prepared for a no-deal Brexit, and had been since the first quarter. Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said. British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period. It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink. Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman. Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet. Bruegel did not respond to a request for comment. Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres. "There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said. Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year. London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October. Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most. "It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said. After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely. One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union. But there is scepticism in the market about the longevity of such pledges. "Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS. "I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks." Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit. "I do stand by my statement," he said of the potential job losses.

London retains global finance throne amid Brexit chaos

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Reuters has reported it could take months for <a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Aramco</a>, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply.

The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay.

Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November.

Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale.

Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place.

But other sources, including bankers and <a href="https://www.wionews.com/business-economy/sensex-crashes-over-600-points-after-saudi-arabias-aramco-attacks-250193">investors</a>, said while work would continue, the attacks would have an impact.

"The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said.

The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale.

"It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management.

Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles.

A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas.

"The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said.

Aramco Vulnerability

An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack.

Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters.

However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday.

"Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note.

"The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation."

Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices. 
&nbsp;

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities. Reuters has reported it could take months for Aramco, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply. The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay. Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November. Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale. Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place. But other sources, including bankers and investors, said while work would continue, the attacks would have an impact. "The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said. The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale. "It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management. Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles. A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas. "The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said. Aramco Vulnerability An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack. Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters. However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday. "Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note. "The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation." Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices.

Saudi Aramco pursues IPO planning despite attack damage doubts

&nbsp;US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China.

Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers.

The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world.

The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008.

"The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point."

Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population.

The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month.

August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength.

Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray &amp; Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August.

Bullish consumers

But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month.

Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018.

The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February.

The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation.

"Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions."

The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July.

"While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&amp;P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow."

Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016.

Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July.

Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession. The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China. Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers. The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world. The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008. "The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point." Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month. August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength. Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray & Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August. Bullish consumers But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month. Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018. The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February. The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation. "Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions." The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July. "While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow." Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016. Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July. Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

Slower US job growth expected, but enough to support economy

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