U.S. senators castigated Wells Fargo chief executive John Stumpf this past week for not seeking to take back some of the $100 million awarded to a retiring executive who oversaw the division at the heart of the company's fake-accounts scandal.
But whenever Stumpf, 63, leaves his post atop the San Francisco banking giant, he could walk away with...Read more
PHILADELPHIA -- Shares of Endo International soared Friday after the drugmaker named Paul V. Campanelli as president and CEO, effective immediately. The company, with U.S. headquarters outside Philadelphia, also said Rajiv De Silva had stepped down as chief executive officer and a board member.
Endo shares rose $3.13, up 15.45 percent, to close...Read more
Noted investor Warren Buffett once warned that investing in airlines was "a death trap."
He may be rethinking that view now that the trade group for the world's carriers has predicted that the industry will pocket a record $39.4 billion this year.
Alexandre de Juniac, director-general of the International Air Transport Association, told a ...Read more
BEIJING -- The Chinese conglomerate Dalian Wanda Group announced a partnership with Sony Pictures on Friday, giving it some creative control over upcoming Sony films and underscoring China's rapidly rising influence in Hollywood.
Wanda, which is led by China's richest man, Wang Jianlin, will invest an undisclosed amount in Sony Pictures and "...Read more
LOS ANGELES -- Media mogul Rupert Murdoch might be getting out of the office more, but he continues to pull down handsome compensation.
The 85-year-old executive chairman of 21st Century Fox collected $34.6 million in executive compensation in fiscal 2016, which represents a 24 percent raise from the prior year, according to a regulatory filing...Read more
SAN JOSE, Calif. -- Mere hours after news that hundreds of millions of Yahoo user accounts had been hacked, users of the firm's services filed a class-action suit in U.S. District Court in San Diego accusing Yahoo of putting users' finances at risk and failing to notify them earlier about the breach.
"While investigating another potential data ...Read more
Early review of data and debris from SpaceX's launch pad explosion suggests that a "large breach" took place in the helium system of the rocket's second-stage liquid oxygen tank, the space company said Friday.
The Hawthorne, Calif., space company said it still has not determined the root of the incident and that all "plausible causes" are being...Read more
Shares of Twitter Inc. surged Friday morning after reports that the social media company could receive a formal bid soon.
Citing unnamed sources, CNBC reported Friday that Twitter has received "expressions of interest" from several tech companies and was "engaged in conversations with potential suitors."
Those companies are said to include ...Read more
ATLANTA -- UPS said it has begun testing commercial drone deliveries of urgent packages to remote locations.
The shipping giant, headquartered outside Atlanta, said it is working with drone maker CyPhy Works on testing, which started Thursday with a mock delivery of medicine from Beverly, Mass., to an island 3 miles off the Atlantic coast. UPS'...Read more
WASHINGTON -- Wells Fargo & Co. Chief Executive John Stumpf has resigned from a Federal Reserve advisory panel, the latest fallout from the banking giant's fake-accounts scandal.
Stumpf's move came after five senators called for him not to be reappointed to the Federal Advisory Council, a 12-member body that meets four times a year with the Fed...Read more
BANGALORE, India -- Two Indian students scored a partial victory over Facebook Inc. in a closely watched legal battle over privacy, though they failed to get the internet giant to reverse policies they say threaten the rights of millions of users.
Two bank bosses will be on Capitol Hill in the week ahead. Both will be trying to save their jobs.
The first, Federal Reserve Chair Janet Yellen, is set to deliver an update on the American economy to the House Financial Services Committee. Her appearance will come just a week after the Fed's interest rate-setting group decided, again, to not ...Read more
What went wrong with the Dodge Dart? Born with fanfare and optimism in June 2012, the compact sedan will die this month in virtual anonymity, a failure that never came close to meeting Fiat Chrysler Automobile's expectations.
The Dart was supposed to signal a fresh start for Fiat Chrysler, the newly created automaker risen from the rubble of ...Read more
WASHINGTON -- A group of senators on Thursday requested a federal investigation into whether Wells Fargo & Co. violated labor laws after allegations the bank failed to pay overtime to tellers and other employees who worked late nights and weekends to meet aggressive sales quotas.
Sen. Elizabeth Warren, D-Mass., and seven colleagues wrote to ...Read more
Not sure that driverless cars are safer than cars driven by humans?
Consider this: Drivers over the age of 85 represent the fastest-growing segment of American automobile users. Their numbers doubled between 1998 and 2013, to 3.48 million drivers -- the highest number ever on record -- and the number is rising, according to the U.S. Department ...Read more
SAN FRANCISCO -- Yahoo Inc. suffered a data breach in 2014 that affected at least 500 million Yahoo user accounts, the company announced Thursday.
The Sunnyvale, Calif., internet firm said the hacker is believed to be a "state-sponsored actor" and may have gained access to user information such as names, email addresses, telephone numbers, ...Read more
LOS ANGELES -- Moody's Investor Service downgraded Viacom's credit following the struggling media company's disclosure that it would tap debt markets to maintain its liquidity.
The ratings firm on Thursday lowered Viacom's credit to one notch above junk status. The move came as Wall Street continued to digest news coming out of the Redstone ...Read more
SAN FRANCISCO -- LinkedIn has long been the social network of choice for people looking for a job. Now the strait-laced cousin of Facebook also wants to be the social network for people looking to keep the jobs they already have.
On Thursday, the San Francisco firm announced LinkedIn Learning, a feature that offers training courses to teach ...Read more
MIAMI -- Lennar Corp., the No. 2 U.S. homebuilder, agreed to buy luxury homebuilding WCI Communities in a deal that would expand Miami-based Lennar's reach and operations in the state.
Lennar will spend $643 million to acquire Bonita Springs-based WCI, a transaction that combines two of the largest home construction companies in Florida. The ...Read more
KANSAS CITY, Mo. -- Sprint CEO Marcelo Claure, declaring that Republican presidential nominee Donald Trump "is just too risky," is holding a fundraising dinner for Democratic nominee Hillary Clinton next week at the Claure home in Miami Beach, Fla.
Claure sent invitation letters that offer access to a "very small roundtable discussion" with ...Read more