US banks' reporting season: are Wall Street bonuses to fall at last?

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="543a5931e4b0fd64f752f869" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <figure class="element element-image" data-media-id="fe2f0aa275c82162f050c61f4d4c341476de371b" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="JP Morgan Chase & Company headquarters in New York." class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/10/12/1413110060500/9d2348bd-63df-4278-9d9f-a59de62bd7ae-460x276.jpeg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">JP Morgan Chase & Company headquarters in New York.</span> <span class="element-image__credit" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Photograph: EMMANUEL DUNAND/AFP/Getty Images</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> Now for some cheery news from the banking sector. Bond traders at JP Morgan and Citigroup look likely to share the fastest-shrinking bonus pools on Wall Street, according to estimates compiled by Bloomberg before the start of the big six US banks’ reporting season this week.</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> </div> </div></div>

US banks' reporting season: are Wall Street bonuses to fall at last?

JP Morgan Chase & Company headquarters in New York. Photograph: EMMANUEL DUNAND/AFP/Getty Images Now for some cheery news from the banking sector. Bond traders at JP Morgan and Citigroup look likely …

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What kind of ‘war games’ is George Osborne playing in Washington?

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="2b25e9ad-fb5e-41a9-a3db-025d4e824e48" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <figure class="element element-image" data-media-id="gu-fc-6f9f13bc-7dc6-4c03-9c77-61f550c2e5e4" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="George Osborne and US treasury secretary Jack Lew" class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/10/13/1413210845644/George-Osborne-and-US-tre-011.jpg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Let us play … George Osborne and US treasury secretary Jack Lew. Photograph: Bloomberg via Getty</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> <strong style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Name</strong>: War Games</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> <strong style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Age: </strong>The latest one just got under way.</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> <strong style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Appearance: </strong>Simulated.</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> </div> </div></div>

What kind of ‘war games’ is George Osborne playing in Washington?

Let us play … George Osborne and US treasury secretary Jack Lew. Photograph: Bloomberg via Getty Name: War Games Age: The latest one just got under way. Appearance: Simulated. …

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Fed chair Janet Yellen says income inequality is un-American

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="54412223e4b0cd82a095fad0" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <br> <figure class="element element-image" data-media-id="2ff4aacb2b71be9df4afdabce905e5fb4f1a6540" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="Yellen selfie" class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/10/17/1413554720756/aaf816ad-4b88-4dfc-a5ed-aaf24d66d47d-460x276.jpeg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Thao Le-Nguyen poses for a selfie with Federal Reserve Chairman Janet Yellen.</span><span class="element-image__credit" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Photograph: Michael Dwyer/AP</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> Janet Yellen, the chair of the US Federal Reserve and the most powerful woman in American finance, has taken a strong stance suggesting that the growing rift between the rich and the poor in the US is a cause for great concern.<br> <br> </div></div></div>

Fed chair Janet Yellen says income inequality is un-American

Thao Le-Nguyen poses for a selfie with Federal Reserve Chairman Janet Yellen.Photograph: Michael Dwyer/AP Janet Yellen, the chair of the US Federal Reserve and the most powerful woman in American fin…

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Markets are still terrified by the eurozone – and rightly so

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="c673d8f8-dc1a-4066-bda7-3ac49c73c403" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <figure class="element element-image" data-media-id="gu-fc-a157cfd1-6325-4780-a4d1-58c0fd60a75b" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="Frankfurt Stock Exchange" class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/10/16/1413485434399/Frankfurt-Stock-Exchange-009.jpg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">The Frankfurt stock exchange on Thursday during which the German benchmark Dax tumbled 2% before recovering. Photograph: Xinhua News Agency/Rex Features</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> Who do you want to believe, the cautious optimists who think the current rout in financial markets, especially stock markets, is just the sort of “correction” that happens in the middle of any recovery and that the US, at least, is in decent economic shape? Or the doom-merchants who think we face the start of a proper downturn?</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> </div> </div></div>

Markets are still terrified by the eurozone – and rightly so

The Frankfurt stock exchange on Thursday during which the German benchmark Dax tumbled 2% before recovering. Photograph: Xinhua News Agency/Rex Features Who do you want to believe, the cautious optim…

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Detroit resumes shutting off water service after month-long suspension

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="53fd0e9de4b04e2fe1fa833f" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <figure class="element element-image" data-media-id="gu-fc-7f1dcc99-032d-4990-a902-a1f08cfe6cf2" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="Detroit Water" class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/8/26/1409093276787/7ae44455-1064-49b6-b454-bf6e17414d03-460x276.jpeg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Demonstrators recently took to the streets in Detroit to protest residential water shut offs in the city. Photograph: James Fassinger</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> Bankrupt Detroit resumed shutting off water to people who have not paid bills after a month-long suspension that followed international and local criticism that the practice was unduly harsh to residents of one of the nation’s poorest cities.</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> </div> </div></div>

Detroit resumes shutting off water service after month-long suspension

Demonstrators recently took to the streets in Detroit to protest residential water shut offs in the city. Photograph: James Fassinger Bankrupt Detroit resumed shutting off water to people who have no…

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Struggling workers take wage protest to upscale doorstep of Walmart heiress Alice Walton

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="54411609e4b0b6efa9dfe0d5" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <br> <figure class="element element-image" data-media-id="a6b327f26e86a3a1014d45bf3fcb2601e6be45b4" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="US Money Walmart protest" class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/10/17/1413551622878/ea4aef79-a740-43d7-b1f5-04fbaef9652e-460x276.jpeg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Holding a sign, a man joins Walmart employees and supporters as they block off a major intersection near the Walton Family Foundation in downtown Washington on 16 October 2014.</span> <span class="element-image__credit" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Photograph: Kevin Lamarque/Reuters</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> Montressia Williams’ Walmart co-workers think she is on vacation, but her trip to New York is anything but.<br> <br> </div></div></div>

Struggling workers take wage protest to upscale doorstep of Walmart heiress Alice Walton

Holding a sign, a man joins Walmart employees and supporters as they block off a major intersection near the Walton Family Foundation in downtown Washington on 16 October 2014. Photograph: Kevin Lama…

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Barack Obama avoids bitter midterm battle exposing growing US wealth divide

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="73e78bff-20f2-441d-b5ef-3b15a746abf4" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <figure class="element element-image" data-media-id="gu-fc-6f8f3e20-d20c-433d-a719-25c34212be74" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="A homeless man walks the streets in Bridgeport, Connecticut. " class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/10/18/1413645708369/A-homeless-man-walks-the--011.jpg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">A homeless man walks the streets in Bridgeport, Connecticut. Photograph: Spencer Platt/Getty Images</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> From the gold cupola of the Connecticut state house one can sketch a picture of a divided America on the eve of the final elections of the Obama era. In one direction, the gleaming towers of the insurance industry, the aerospace firm United Technologies, and Republican-leaning suburbs and rural areas beyond; in the other, the immigrant neighbourhood of Frog Hollow, where glassy-eyed men loll on street corners, and other Democrat-leaning neighbourhoods.</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> </div> </div></div>

Barack Obama avoids bitter midterm battle exposing growing US wealth divide

A homeless man walks the streets in Bridgeport, Connecticut. Photograph: Spencer Platt/Getty Images From the gold cupola of the Connecticut state house one can sketch a picture of a divided America o…

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Low oil price means high anxiety for Opec as US flexes its muscles

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="block" data-id="1a37d984-1025-4d98-9de0-c5b01421426d" id="mainblock" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; clear: both; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div class="block-elements" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"> <figure class="element element-image" data-media-id="gu-fc-11b1c5cb-6eaf-470c-8fae-3145dcaefe06" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px 0px 10px; padding: 0px;"><img alt="Oil pumps in Bahrain" class="gu-image" height="276" src="http://static.guim.co.uk/sys-images/Travel/Pix/pictures/2014/10/17/1413566225764/Oil-pumps-in-Bahrain-011.jpg" style="background-repeat: no-repeat; border-collapse: collapse; display: block; height: auto; margin: 0px auto 5px; max-width: 100%; padding: 0px;" width="460"><figcaption style="background-repeat: no-repeat; border-collapse: collapse; color: #666666; font-size: 0.858em; line-height: 1.25; margin: 0px 0px 10px; padding: 0px;"><span class="element-image__caption" style="background-repeat: no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Oil pumps at work in Bahrain last week. The price of oil has seen its biggest drop in nearly two years. Photograph: Hasan Jamali/AP</span></figcaption></figure></div> </div> <div class="flexible-content-body" data-display-hint="" style="background-color: white; background-repeat: no-repeat; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18.9871444702148px; margin: 0px; padding: 0px;"> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> During a week of turmoil on the global stock markets, the energy sector played out a drama that could have even bigger consequences: a standoff between the US and the Opec oil-producing nations.</div> <div style="background-repeat: no-repeat; border-collapse: collapse; margin-bottom: 13px; padding: 0px;"> </div> </div></div>

Low oil price means high anxiety for Opec as US flexes its muscles

Oil pumps at work in Bahrain last week. The price of oil has seen its biggest drop in nearly two years. Photograph: Hasan Jamali/AP During a week of turmoil on the global stock markets, the energy se…

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