Business

摘要

America's big banks reported earnings for the third quarter. Bank of America, Citigroup and Wells Fargo posted solid profits, though the mortgage-loan businesses in all three suffered. In contrast, JPMor-gan Chase declared a $38om net loss, its first under Jamie Dimon as chief executive, as it set aside $9.2 billion for potential settlement costs in a slew of legal cases brought by American regulators. A light touch On a trip to China George Osborne, Britain's chancellor of the exchequer, outlined proposals to smooth the way for Chinese state-owned banks to operate in London, such as classifying them as branches rather than subsidiaries, thereby avoiding rigorous scrutiny. International trading in the yuan has tripled over the past three years to $120 billion a day, with London emerging as the global hub.