Oct 7 (Reuters)Wells Fargo & Co WFC.N has cut 700 commercial banking jobs as part of workforce reductions that could ultimately impact “tens of thousands” of staff, Bloomberg News reported on Wednesday citing people with knowledge of the matter.

The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.

Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

Layoffs, branch closures and cuts to third-party spending are on the table, the bank’s executives had then said.

Big U.S. banks had postponed decisions about staff cuts when the virus outbreak first began to take hold, with executives saying they were unsure how long the outbreak would hurt the economy and worried about being unprepared if business suddenly snapped back.

Goldman Sachs Group Inc GS.N said last month it plans to move forward with “a modest number of layoffs”.

Wells Fargo did not immediately respond to Reuters request for comment.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

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Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

It’s the first day of a two-day summit dedicated to conveying the image of a more assertive Europe. EU leaders will vow to make the bloc strategically autonomous, reducing their dependence on imports from countries like China. Speaking of which, they will welcome (and give themselves credit for) Xi Jinping’s commitment to carbon neutrality. The draft communique we have echoes Donald Trump a bit, stressing “the need to rebalance the economic relationship and achieve reciprocity,” while also lambasting Beijing’s human rights record. Leaders will also seek a carrot and stick approach with Turkey. But unlike China, there’s no real consensus. The discussion could go either way, and Cyprus’s insistence that it won’t sign off on sanctions against Belarus unless the EU agrees to punitive measures against Turkey, means the summit could end up exposing the bloc’s divisions instead of highlighting its assertiveness.

Nikos Chrysoloras andJohn Ainger

What’s Happening

Recovery Woes | Fraught negotiations over the terms attached to the EU’s jointly-financed economic recovery package continue, with no breakthrough in sight. Germany warns it’s very likely things won’t be up and running come Jan. 1, delaying the flow of much-needed cash to the continent’s battered economies. Whether all of this is theatrical tactics, remains to be seen.

Inflation Overshoot | ECB President Christine Lagarde says it’s worth examining a Federal Reserve-style strategy that allows inflation to temporarily rise above the institution’s target. Here’s how the policy looks in the U.S. and what it means for the value of the money in your pocket.

Time Bomb | Italy’s market crisis may have subsided, but the debt worries that caused it will haunt Europe for a while. That’s the bleak outlook that

(Reuters) – JPMorgan Chase & Co told thousands of workers across its consumer unit that they could plan to work from home until next year, Bloomberg News reported on Monday, citing memos sent to the bank’s staff.

a store front at night: FILE PHOTO: People walk inside JP Morgan headquarters in New York

© Reuters/Eduardo Munoz
FILE PHOTO: People walk inside JP Morgan headquarters in New York

The directive applies to most of JPMorgan’s U.S.-based employees in the consumer unit and excludes branch workers and some in operations, according to the report.

JPMorgan did not immediately respond to a request for comment.

Earlier this month, Bloomberg reported that the bank had sent its Manhattan workers home after an employee in the equities trading division tested positive for COVID-19.

JPMorgan executives had previously told managing directors and some executive directors within its sales and trading operation that they must return to the office by Sept. 21.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Devika Syamnath)

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But Biden’s advertising advantage over Trump is more concerning for the president. Biden out-paced Trump more than 2-to-1 on the airwaves last week, according to the media tracking firm Advertising Analytics.

Preserve America officials have declined to name their donors, which will be revealed in campaign finance filings next month. But senior Republicans have said they expect the group to receive funding from Las Vegas casino mogul Sheldon Adelson and Home Depot co-founder Bernie Marcus.

Adelson, the Republican Party’s most prominent giver, has a long history of cutting seven- and eight-figure checks to super PACs in the closing months of elections. Adelson and his wife, Miriam, have given $50 million to Senate Leadership Fund, a super PAC devoted to protecting the Republican majority in the upper congressional chamber. The couple also gave $20 million to a pro-Trump group during the final weeks of the 2016 campaign.

Preserve America is overseen by Chris LaCivita, a veteran Republican strategist who orchestrated the Swift Boat Veterans for Truth attack ad campaign against John Kerry in 2004. This year, the super PAC has aired a mix of commercials focusing on policing, national security, and the economy, each spotlighting testimonials from everyday people.

“Joe Biden won’t rebuild our economy, he’ll burn it down,” the Wisconsin man, Terry Nelson, says in the new ad.

The spot will begin running later this week in Arizona, Florida, Georgia, Iowa, North Carolina, Pennsylvania and Wisconsin. It will air for two weeks.

Preserve America has spent $68 million on TV commercials so far, with another $12 million on digital ads.

Republican donors decided to launch the new pro-Trump super PAC amid ongoing concerns about the principal organization supporting the president, America First Action.

Still, America First Action and its allied non-profit, America First