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☆ Morning Bid: ECB to follow Fed hike, Meta surges
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

Fed Chair Jerome Powell remained equivocal about whether there was one more policy rate rise left this year and said Fed staff were no longer forecasting a recession - but futures markets continue to see a less than 50% chance of another move. Global stocks (.MIWD00000PUS) hit their highest since April last year on Thursday, with European stocks up more than 1% ahead of the ECB decision. The euro pushed higher against a softer dollar ahead of the announcement and press conference from ECB chief Christine Lagarde. The yen also firmed as the Bank of Japan is expected to keep its easy policy unchanged on Friday. The euro zone's biggest bank BNP Paribas (BNPP.PA), by contrast, beat Q2 estimates and the stock jumped 4%.

Persons: Mike Dolan, Meta, Jerome Powell, Dow Jones, Christine Lagarde, Willis Towers Watson, Giorgia Meloni, Joe Biden, Toby Chopra Organizations: Federal Reserve, European Central Bank, Fed, Treasury, Boeing, Dow, Wall, ECB, Bank of, Shell, Barclays, BNP, Central Bank, Intel, Ford, Boston Scientific, Myers Squibb, Honeywell, Xcel, Eastman Chemical, Pentair, Mastercard, P Global, Hershey, Digital Realty, Northrop Grumman, Weyerhaeuser, Cincinatti, Verisign, Comcast, Southwest Airlines, HCA, . Federal Reserve Board, Washington Reuters Graphics Reuters, Reuters, Exxon, Chevron, Thomson Locations: U.S, Bank of Japan, Asia, Hong Kong, China, Abbvie, Bristol, Edison, Kansas, Basel III, Washington

☆ Government’s NatWest meddling crosses risky line
▼ + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.

Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s

The dismissal of Rohan Ramchandani's civil lawsuit by U.S. District Judge Victor Marrero was disclosed in a docket entry on Thursday in Manhattan federal court. Marrero plans to release his written decision after Citigroup and Ramchandani agree which information should be kept confidential. One year later, Ramchandani sued Citigroup, saying it fired him without cause in January 2014 amid a global probe into foreign exchange price fixing, and then shared false and "gravely derogatory" claims against him with law enforcement. Ramchandani accused Citigroup of entering its plea in part to shift blame away from senior managers and officers. The case is Ramchandani v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Rohan Ramchandani's, District Judge Victor Marrero, Marrero, David Lurie, Danielle Romero, Apsilos, Ramchandani, Chris Ashton, Richard Usher, JPMorgan Chase, Ramchandani's, Jonathan Stempel, Marguerita Choy Organizations: YORK, Citigroup, U.S, District, Ramchandani, Barclays, JPMorgan, U.S . Department of Justice, Citigroup Inc, Court, Southern District of, Thomson Locations: U.S, London, Manhattan, New York, Southern District, Southern District of New York

It also wants JPMorgan to pay damages to compensate Epstein's victims, pay punitive damages, separate its business and compliance functions, and hire a compliance consultant. The bank also called the U.S. Virgin Islands' arguments for damages "misdirected" and "not well founded." Friday's filing marks the first time the U.S. Virgin Islands has put a dollar figure on its lawsuit. In the U.S. Virgin Islands case, JPMorgan has sought to shift blame. The case is U.S. Virgin Islands v. JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: JPMorgan Chase, Jeffrey Epstein's, Epstein, Ariel Smith, Prince Andrew, Ehud Barak, Ghislaine Maxwell, Cecile de Jongh, Jes Staley, Staley, Jonathan Stempel, Nupur Anand, Luc Cohen, Jonathan Oatis, Deepa Babington Organizations: YORK, U.S . Virgin, JPMorgan, Virgin Islands, U.S . Virgin Islands, Deutsche Bank, U.S ., Barclays, Virgin, JPMorgan Chase Bank NA, U.S, Court, Southern District of, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, British, Southern District, Southern District of New York, New York

The pan-European STOXX 600 index (.STOXX) closed 1.5% higher, extending gains to the fourth straight day. U.S. consumer prices advanced 3.0% in June - their smallest year-on-year increase since March 2021 - after 4% growth in May. Gains in the lenders lifted UK's FTSE 100 index (.FTSE) by 1.8%, leading gains among European peers and pushing the European banks index (.SX7P) up 1.9%. European shares have performed better than UK stocks so far this year, amid economic resilience and signs of cooling inflation in the euro zone, with focus now shifting to the upcoming earnings season. Data showed Spanish national consumer prices rose 1.9% in the 12 months through June, down from a 3.2% rise in the period through May.

Persons: Daniel Casali, Evelyn, Jefferies, Vincent Chaigneau, Matteo Allievi, Shreyashi Sanyal, Sohini Goswami, Nick Zieminski Organizations: U.S, Jefferies, Federal, Evelyn Partners, Lloyds, Barclays, HSBC, Bank of England, Miners, ASM International, Infineon, Generali Investments, Air France, KLM, Deutsche Bank, Thales, Cobham Aerospace Communications, Spanish, Thomson Locations: United States, U.S, Gdansk, Amruta, Bangalore

Phillip alleged Barclays owed her a duty to ignore her instructions if the bank had reasonable grounds to suspect she was being defrauded. "Where the customer has authorised and instructed the bank to make a payment, the bank must carry out the instruction promptly," he said. "It is not for the bank to concern itself with the wisdom or risks of its customer's payment decisions." James Levy, a partner at law firm Ashurst, said the onus was on customers to ensure payment instructions were bona fide. The Supreme Court, however, allowed Philipp to pursue an alternative case against Barclays on the grounds that the bank breached its duty by failing to take adequate steps to recover the money transferred to the UAE.

Persons: Fiona Philipp, Phillip, George Leggatt, James Levy, Ashurst, Philipp, Sam Tobin, Kirstin Ridley, Louise Heavens, Barbara Lewis, Jane Merriman Organizations: Barclays, Wednesday, Court, United Arab Emirates, Payment Systems, Financial Services, UAE, Thomson Locations: fraudsters, UAE

Another source inside Barclays' investment bank, talking anonymously because they are not authorised to speak to the media, said lower staff attrition at its technology and back office operations had started to worry cost-conscious managers. The BCG review could lead to layoffs, the source familiar with the review said, although no decisions have been made. Some top Barclays investors, however, told Reuters they would have misgivings about a plan to prioritise investment over capital distributions. But a recent shake-up at its investment bank has raised concern about Barclays' ability to compete amid a worldwide dealmaking slump. They are not valued properly together," said Alan Beaney, chief executive at RC Brown Investment Management, which has held Barclays shares since 2012.

Persons: C.S, shivers, Richard Marwood, Venkat, Edward Bramson, Richard Buxton, Alan Beaney, Elisa Martinuzzi, Mark Potter Organizations: Barclays, Boston Consulting, Reuters, Royal London Asset Management, Lehman Brothers, Jupiter Asset, RC Brown Investment Management, BNP, HSBC, Reuters Graphics Barclays, Jefferies, Thomson Locations: U.S, Africa

☆ Barclays hires Birchenough as chairman of healthcare investment banking
▼ + stars: | 2023-07-07 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters) - Barclays Plc (BARC.L) has hired Jim Birchenough from Wells Fargo & Co (WFC.N) as its chairman of global healthcare investment banking, a spokesperson for the British bank confirmed, after Reuters reported on the appointment on Friday. Birchenough last served as vice chairman of biopharma investment banking at Wells Fargo. In his new role, Birchenough will also lead Barclays' global biopharma investment banking unit alongside Alexis de Rosnay, who joined the bank last year and is taking on an expanded role in addition to his responsibilities as chairman of global healthcare investment banking. More than two dozen U.S. investment bankers have left Barclays since January when it named two new global co-heads of investment banking. They are Cathal Deasy, former co-head of Credit Suisse Group AG investment banking and capital markets, and Taylor Wright, former co-head of Morgan Stanley (MS.N) global capital markets.

Persons: Jim Birchenough, Birchenough, Wells, Alexis de Rosnay, Darren Campili, Jim, Richard Landgarten, Cathal Deasy, Taylor Wright, Morgan Stanley, David Carnevali, Anirban Sen, Mark Porter, Will Dunham, Richard Chang Organizations: YORK, Barclays Plc, Wells Fargo & Co, Reuters, Barclays, BMO Capital Markets, Lehman Brothers, Wells, Credit Suisse Group, Thomson Locations: Wells, Wells Fargo, San Francisco, New York

Lawyers for Dimon, the bank's chief executive, and Staley, a former private banking and investment banking chief, urged a dismissal in filings late Thursday in Manhattan federal court. Lawyers for Dimon and the directors said there was no showing that either knowingly ignored red flags about Epstein, or that Dimon was involved in keeping Epstein as a client. The so-called derivative lawsuit seeks to have the defendants or their insurers pay damages to JPMorgan, benefiting shareholders. It is also defending against a lawsuit by the U.S. Virgin Islands, where Epstein owned two neighboring private islands. Staley has expressed regret for his friendship with Epstein and denied knowing about his sex trafficking.

Persons: Jamie Dimon, Jes Staley, Jeffrey Epstein, Staley, Epstein, Dimon, Jonathan Stempel, David Holmes Organizations: YORK, JPMorgan Chase's, Dimon, JPMorgan, Lawyers, U.S ., Barclays, Miami General Employees & Sanitation Employees, Court, Southern District of, Thomson Locations: Manhattan, Miami, Pittsburgh, U.S . Virgin Islands, New York, U.S, Southern District, Southern District of New York

☆ UK banks asked by lawmakers if they're 'exploiting' savers with low rates
▼ + stars: | 2023-07-03 | by ( Iain Withers | ) www.reuters.com time to read: +3 min

LONDON, July 3 (Reuters) - British banks faced fresh criticism on Monday for the savings rates they offer to cash-strapped customers, in the latest intervention by parliament's influential Treasury Select Committee. British banks have come under pressure from lawmakers and consumer campaigners for not passing on the extent of higher Bank of England rates to savings customers. Finance minister Jeremy Hunt also said last week banks were too slow to pass on increases in central bank rates to savers and that the problem needed to be resolved. Top executives from the banks were grilled by the Treasury committee on savings rates during a session in February. "Savings rates have increased and we always encourage people to shop around for the product and interest rate that is suited to their needs," the spokesperson added.

Persons: Harriett Baldwin, Jeremy Hunt, Baldwin, Iain Withers, Jason Neely, David Holmes Organizations: Barclays, HSBC, Lloyds, NatWest, Bank of, Treasury, Finance, Financial, Authority, Thomson

LONDON, July 3 (Reuters Breakingviews) - Canary Wharf may be in trouble once again. While CWG’s average tenancy agreement still has 10 years left, the risk is that itself and the wider Canary Wharf area slip into a vicious circle. Rental incomes on apartments are roughly on a par with offices, per square foot, according to a person familiar with the matter. The 45-storey skyscraper in Canary Wharf has been HSBC's home for more than 20 years. Canary Wharf Group, which runs the east London financial district, declined to comment.

Persons: Paul Reichmann’s Olympia, Morgan Stanley, CWG, Knight Frank, Hong Kong’s Cheung, Bear Stearns, that’s, Liam Proud, Pranav Kiran Organizations: Reuters, Docklands, HSBC, York, Saudi Arabian, Canary Wharf Group, Barclays, Estates, Brookfield Property Partners, Qatar Investment Authority, Brookfield, Canary, QIA, Moody’s, Reuters Graphics Reuters, Hong Kong’s Cheung Kei Group, Churchill, NYK, Transport, BT, Thomson Locations: London, Canary, Canadian, Saudi, U.S, Brookfield, That’s, Docklands, Stratford, Wharf, QIA, Canary Wharf, Europe's

☆ Barclays seeks to stop being corporate banker to Odey Asset Management, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. OAM and Barclays did not immediately respond to a Reuters request for comment outside usual office hours. FT also reported earlier that the FCA had restricted the movement of cash and assets from OAM to restore order at the firm. Letters to OAM investors last week showed the manager has proposed to restructure two of its key funds as part of efforts to extract Crispin Odey from the business after the assault allegations.

Persons: Crispin Odey, Odey, AJ Bell, Hargreaves Lansdown, Goldman Sachs, Morgan Stanley, Rishabh, Kevin Liffey, David Holmes Organizations: Barclays, Odey Asset Management, Financial Times, redemptions, Tortoise Media, Sunday Barclays, Financial, Authority, FT, JPMorgan, Thomson Locations: British, Canada, Halifax, Bengaluru

☆ Corporate agitators slow down in Q2 but ready to pounce in H2 -Barclays data
▼ + stars: | 2023-06-30 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Investors, bankers and lawyers expect a busy second half where activists may become more involved in trying to jumpstart mergers and acquisitions (M&A). "Volatile markets and depressed M&A markets are not deterring activists from launching campaigns in 2023," said Jim Rossman, global head of shareholder advisory at Barclays. In the second half, Barclays' Rossman expects to see a market with pent-up demand for M&A and $1.4 trillion parked in private equity firms' war chests that needs to be put to work. "The proof is in the pudding in the 2023 proxy season," Rossman said. "Activists won seats at 80% of proxy contests that went to a final vote, compared to 33% in 2022."

Persons: Jim Rossman, ValueAct, Carl Icahn, Francis deSouza, Elliott, Rossman, Svea Herbst, Bayliss, Jamie Freed Organizations: YORK, Elliott Investment Management, Capital, Legion Partners, Barclays, Holdings, Inclusive, Partners, Bayer, Reuters, Capital Management, Svea, Thomson Locations: Europe, Asia, United States

NEW YORK, June 30 (Reuters) - The U.S. government has urged an appeals court to uphold Ghislaine Maxwell's conviction and 20-year prison sentence for helping the disgraced late financier Jeffrey Epstein sexually abuse teenage girls. Circuit Court of Appeals in Manhattan, federal prosecutors said none of Maxwell's legal arguments about the fairness of her trial held merit. Epstein committed suicide at age 66 in August 2019 in a Manhattan jail cell, where he was awaiting trial for sex trafficking. Maxwell's accusers have said she and Epstein at first made them feel welcome in their orbit, before Epstein began demanding sexualized massages. Reporting by Jonathan Stempel and Jack Queen in New York; edting Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Ghislaine, Jeffrey Epstein, Maxwell, Arthur Aidala, Epstein, Robert Maxwell, massages, Britain's Prince Andrew, JPMorgan Chase, Jes Staley, Jonathan Stempel, Jack Queen, edting Robert Birsel Organizations: YORK, U.S, Circuit, JPMorgan, Barclays, Deutsche Bank, US, Islands, Thomson Locations: Manhattan, Tallahassee , Florida, Beach , Florida, New York

☆ UK mortgage rates rise again, turning screw on homeowners and buyers
▼ + stars: | 2023-06-29 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

LONDON, June 29 (Reuters) - Major British lenders on Thursday announced another increase in mortgage rates offered via brokers, pushing many products above the 6% mark in painful news for many homeowners and potential buyers. Barclays (BARC.L), NatWest (NWG.L) and Virgin Money (VMUK.L) informed brokers that rates on many mortgage offerings will rise again on Friday, according to emails seen by Reuters. "As mortgage rates continue to rise, the property market is being pushed further towards a cliff edge and there's no real help in sight," mortgage broker Lewis Shaw of Shaw Financial Services said. Two-year swap rates - a key determinant of mortgage borrowing costs - have soared by 0.83 percentage points over the course of June. Mortgage rates of 6% represent the same financial burden from repayments as they did in the late 1980s, even though mortgage rates were around 13% then, according to housing market analyst Neal Hudson, founder of consultancy BuiltPlace.

Persons: Lewis Shaw, Andrew Goodwin, Liz Truss, Neal Hudson, Andy Bruce, William Schomberg, Sachin Ravikumar Organizations: Bank of England, Barclays, NatWest, Virgin, Reuters, Nationwide Building Society, Shaw Financial Services, Oxford, Oxford Economics, Thomson

☆ UK banks are appropriate airbag for mortgage crash
▼ + stars: | 2023-06-27 | by ( George Hay | ) www.reuters.com time to read: +4 min

Last year this was 2.9% on average for Lloyds, NatWest and Barclays. Hunt may be able to get banks to hike their savings rates merely by veiled threats. After all, the government would only be getting banks to do what they should be doing anyway. “It is taking too long for the increase in interest rates to be passed on to savers, particularly with instant access accounts,” Hunt told parliament. Around 60% of household deposits are held in instant access accounts, the committee said.

Persons: Banks, Jeremy Hunt, shouldn’t, it’s, Hunt, ” Hunt, “, Neil Unmack, Oliver Taslic Organizations: Reuters, Monday, Banking Group, NatWest, Barclays, Lloyds, JPMorgan, NatWest –, Alpha, Treasury, Bank of England, Labour Party, National Savings and Investments, of, Lloyds Banking Group, HSBC, Barclays –, Thomson

Epstein had been a JPMorgan client from 1998 and 2013 when the bank terminated his accounts. Lawyers for the victims plan to seek up to 30% of the settlement amount for legal fees, court records show. The victims' lawyers also represented Epstein victims in a similar $75 million settlement with Deutsche Bank (DBKGn.DE), where Epstein was also a client. JPMorgan also faces a lawsuit over Epstein by the U.S. Virgin Islands, where Epstein owned two neighboring islands. The case is Doe 1 v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: Morgan Chase, Mike Segar, Jeffrey Epstein's, Epstein, Jan, Jed Rakoff, Jane Doe, JPMorgan, Rakoff preliminarily, Jes Staley, Staley, Jonathan Stempel, Jahnavi, Robert Birsel Organizations: Co, New York City, REUTERS, JPMorgan Chase's, U.S, JPMorgan, Deutsche Bank, Barclays, Reuters, U.S ., JPMorgan Chase Bank NA, Court, Southern District of, Thomson Locations: New York, U.S, Manhattan, U.S . Virgin Islands, Southern District, Southern District of New York, Bengaluru

The two pilots, however, would allow extensive information sharing between banks on large-scale financial crime, expand public-private data sharing initiatives and set up a similar platform to Britain's national fraud database for serious economic crime. The pilots could be formally launched by October when Britain's economic crime and corporate transparency bill, currently on its way through parliament, is expected to become law. This legislation aims to protect regulated firms from confidentiality rules if they share information to tackle economic crime, giving them the leeway to ramp up data sharing. One financial crime investigations lawyer, who declined to be named because of client sensitivities, said that information-sharing needed appropriate safeguards. The NCA told Reuters it was discussing the data sharing pilot with a number of banks to try and identify "actionable intelligence".

Persons: Dado Ruvic, Banks, Simon Fell, Iain Withers, Kirstin Ridley, Sinead Cruise, Jane Merriman Organizations: U.S, REUTERS, Lloyds, NatWest, Reuters, HSBC, Barclays, Crime Agency, UK Finance, Home Office, NCA, Thomson Locations: Russia, Britain, Ukraine

But the plunge in the deal pipeline prompted soul-searching and job-hopping among investment bankers accustomed to a feast. Barclays, which has struggled to retain bankers following a shake-up in the management of its investment banking division, has lost at least nine top technology bankers in recent weeks. Traditionally, smaller firms have been reluctant to offer investment bankers guaranteed compensation, in order to have more of their pay tied to performance. Alan Johnson, managing director of compensation consultancy Johnson Associates, said that first-year guarantees were common practice in the hiring of investment bankers, but second-year guarantee used to be rare. "You get paid a higher percentage of revenue than in a big bank, but you have to generate the revenue with perhaps less help," Johnson said.

Persons: Goldman Sachs, Sam Britton, Britton, Anthony Keizner, Goldman, Nick Pomponi, Rob Chisholm, Troy Broderick, Goldman's, Perella Weinberg, Laurence Braham, Richard Hardegree, Steve Markovich, Ron Eliasek, Jason Auerbach, Alan Johnson, Johnson, Milana Vinn, Anirban Sen, Greg Roumeliotis, Jamie Freed Organizations: YORK, Goldman, Bank of America, Barclays, Qatalyst Partners, Jefferies Financial, Technology, LSEG, Intelligence, Search, Evercore, UBS, Centerview, Jefferies, SVB Securities, Bank, Reuters, Johnson Associates, Thomson Locations: Qatalyst, New York

☆ This Wall Street bank's stock is expected to double over the next year, Jefferies says
▼ + stars: | 2023-06-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Shares of global bank Barclays are forecast to more than double over the next 12 months, according to Jefferies. The British bank's stock has underperformed and is valued below its peers over the past few months. The disparity has led to the bank reportedly hiring consulting firm BCG to undertake a strategic review to address weaknesses in the share price. The bank's analysts predict that Barclays can potentially buy back £2.2 billion worth of shares in 2024 and 2025, along with £1.5 billion this year. As the bank's earnings increase, its share price could also rise, providing a better return for shareholders.

Persons: Jefferies, Joseph Dickerson, Benjamin Toms, Roger Lee Organizations: Barclays, BARC, Jefferies, RBC Capital Markets, RBC, Investec Securities Locations: London, United States, British, U.K

☆ Jeffrey Epstein got $300 mln tax breaks, paid US Virgin Islands police, JPMorgan says
▼ + stars: | 2023-06-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

In a Tuesday night court filing, the largest U.S. bank also described how Epstein allegedly paid law enforcement entities such as the Virgin Islands Police Department. The U.S. Virgin Islands, where Epstein owned two neighboring islands, has accused JPMorgan of facilitating Epstein's crimes by providing banking services, and enabling him to pay victims. U.S. Virgin Islands police "never received a single complaint" about Epstein's sex trafficking and would have investigated complaints, a person familiar with the territory's law enforcement practices said. JPMorgan's latest disclosures followed Monday's release by the U.S. Virgin Islands of a 22-page document prepared by the bank in late 2019 after Epstein's death. JPMorgan has sued Staley, and wants him liable for damages it might owe in the accusers' and U.S. Virgin Islands' lawsuits.

Persons: JPMorgan Chase, Jeffrey Epstein, Epstein, Cecile de Jongh, Jeffrey Epstein's, Venetia Velazquez, de Jongh, EPSTEIN'S, Jongh, John, Jes Staley, Staley, Jonathan Stempel, Leslie Adler, Gerry Doyle, Deepa Babington Organizations: YORK, JPMorgan, U.S . Virgin Islands, Virgin Islands Police Department, U.S ., U.S . Virgin, Virgin Islands, FIDE, Financial, Co, Southern Trust Co, territory's Department of Justice, USVI DOJ, Barclays, Thomson Locations: U.S, U.S . Virgin, Manhattan, U.S . Virgin Islands, Florida, New York

☆ Jeffrey Epstein got $300 mln in US Virgin Islands tax incentives, JPMorgan says
▼ + stars: | 2023-06-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

In a Tuesday night court filing, the largest U.S. bank described how Epstein allegedly paid law enforcement entities such as the Virgin Islands Police Department. JPMorgan also alleged in the filings that Epstein had ties to U.S. Virgin Islands officials, including former first lady Cecile de Jongh, who the bank said were aware of Epstein's crimes. Spokespeople for the U.S. Virgin Islands did not immediately respond to requests for comment after business hours. The territory, where Epstein owned two neighboring islands, has accused JPMorgan of facilitating Epstein's sex crimes by providing banking services, and enabling him to pay his victims. The bank wants Staley to cover its losses in that lawsuit and the U.S. Virgin Islands lawsuit.

Persons: JPMorgan Chase, Jeffrey Epstein, Epstein, Cecile de Jongh, de Jongh, EPSTEIN'S, Jongh, John, STALEY, Jes Staley, Staley, Jonathan Stempel, Leslie Adler, Gerry Doyle Organizations: YORK, JPMorgan, U.S . Virgin Islands, Virgin Islands Police Department, U.S . Virgin, FIDE, Financial, Co, Southern Trust Co, territory's Department of Justice, USVI DOJ, Barclays, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, Florida, New York

☆ Dimon may have ordered JPMorgan's review of Epstein ties, Virgin Islands says
▼ + stars: | 2023-06-20 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

NEW YORK, June 20 (Reuters) - JPMorgan Chase (JPM.N) Chief Executive Jamie Dimon may have ordered a 2019 review of the bank's relationship with the late financier and sex offender Jeffrey Epstein, the U.S. Virgin Islands said. The U.S. Virgin Islands lawsuit is scheduled for an Oct. 23 trial in Manhattan federal court. It referred to a 22-page summary of emails primarily between and among Epstein, Staley and others. A spokesperson for the Virgin Islands said the bank's senior executives "ignored the evidence of Jeffrey Epstein's crimes." JPMorgan is suing Staley to cover its losses in the U.S. Virgin Islands' and Epstein victims' lawsuits.

Persons: JPMorgan Chase, Jamie Dimon, Jeffrey Epstein, Epstein, Jes Staley, Dimon, Staley, Jed Rakoff, Lehman Brothers, Jeffrey Epstein's, Luc Cohen, Nupur Anand, Matthew Lewis Organizations: YORK, JPMorgan, U.S . Virgin, Jeep, Virgin Islands, Barclays, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, Florida, New York

U.S. District Judge Jed Rakoff in Manhattan on Friday denied "in its entirety" the U.S. Virgin Islands' request to again have Dimon and another JPMorgan employee testify under oath. The territory, where Epstein owned two neighboring islands, is seeking damages from JPMorgan for allegedly ignoring Epstein's sexual abuses and letting him set up a sex trafficking operation there. Epstein was a JPMorgan client from 1998 until the bank terminated him in 2013. Dimon said he did not recall discussing Epstein's accounts at the time, and had barely heard of Epstein until his July 2019 arrest. The case is U.S. Virgin Islands v. JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: Jamie Dimon, JPMorgan Chase, Jeffrey Epstein, Jed Rakoff, Epstein, U.S . Virgin Islands, Jeffrey, Dimon, Jes Staley, Staley, Jonathan Stempel, Jonathan Oatis Organizations: YORK, JPMorgan, U.S . Virgin, U.S, Barclays, Virgin, JPMorgan Chase Bank NA, Court, Southern District of, Thomson Locations: U.S, Manhattan, Southern District, Southern District of New York, New York

NEW YORK, June 12 (Reuters) - JPMorgan Chase (JPM.N) agreed to pay about $290 million to settle a class action lawsuit by Jeffrey Epstein's victims, resolving a large part of litigation over the bank's relationship with the disgraced financier. Monday's settlement came 3-1/2 weeks after Deutsche Bank (DBKGn.DE), where Epstein was a client from 2013 to 2018, agreed to pay $75 million to end a similar lawsuit by Epstein victims. "A settlement with Epstein's victims frees JPMorgan to begin to turn the page and change the narrative." The $290 million settlement amount was confirmed by David Boies, a lawyer for Epstein's victims. Last month, Rakoff said JPMorgan could be liable to Epstein's victims if they could show Staley had firsthand knowledge that Epstein ran a sex-trafficking venture.

Persons: JPMorgan Chase, JPM.N, Jeffrey Epstein's, Epstein, Jane Doe, Carliss Chatman, Chase, Temin, Jed Rakoff, JPMorgan, Adam Zimmerman, David Boies, Sigrid McCawley, Morgan Chase, Mike Segar JPMorgan, Jes Staley, shepherding, Staley, Rakoff, Jamie Dimon, Ghislaine Maxwell, Maxwell, Chatman, Mary Erdoes, Stephen Cutler, Dimon, Cutler, Jeffrey Epstein, Erdoes, Nupur Anand, Lananh Nguyen, Saeed Azhar, Luc Cohen, Jonathan Stempel, Tatiana Bautzer, Megan Davies, Alexander Smith, Grant McCool, Lisa Shumaker Organizations: YORK, JPMorgan, Washington, Lee University School of Law, U.S, Deutsche Bank, University of Southern, Co, New York City, REUTERS, U.S ., Barclays, U.S . Virgin, Thomson Locations: U.S, Manhattan, Virginia, University of Southern California, New York, U.S . Virgin Islands

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