Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Business / Business News /

LOS ANGELES -- Embattled Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as part of the company's response to the still-unfolding scandal over millions of fake accounts created by bank employees.

Stumpf will give up about $41 million in unvested stock awards, or about 910,000 shares, and will not ...Read more

Elon Musk unveils plans for colonizing Mars

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LOS ANGELES -- SpaceX Chief Executive Elon Musk on Tuesday unveiled his plans for colonizing Mars, which could eventually involve a fleet of up to 1,000 spaceships to transport as many as 1 million people to the Red Planet.

Musk envisions continuous launches from Earth, with massive rockets returning for reuse and spacecraft refueling in a "...Read more

'Miss Peregrine' expected to top 'Deepwater Horizon,' 'Magnificent Seven' at box office

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LOS ANGELES -- Tim Burton's new movie about an orphanage for fantastically gifted kids is expected to debut at the head of its class at the box office this weekend, expelling last week's victor, "The Magnificent Seven," from the top of the charts.

"Miss Peregrine's Home for Peculiar Children," from 20th Century Fox and Chernin Entertainment, is...Read more

Fiat Chrysler reveals totally revamped Jeep Compass

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DETROIT -- Jeep on Monday night revealed that an overhauled Jeep Compass will replace the brand's current Compass model as well as its Patriot SUV. The auto brand made the announcement during an event at its plant in Pernambuco, Brazil, and released three images of the vehicle.

The new vehicle looks more aerodynamic than the outgoing Compass ...Read more

Fiat Chrysler receives state grant, pledges to create 700 jobs at Detroit-area plant

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DETROIT -- Michigan officials on Tuesday signed off on a $4.5 million grant for Fiat Chrysler Automobiles, and the automaker pledged to create 700 new jobs at a suburban Detroit plant where it plans a big investment that will see the facility transformed into a truck-building operation.

The grant, issued by the Michigan Strategic Fund, comes in...Read more

In 49 states, income boost outpaces economic growth

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WASHINGTON -- The sharp gain in median household income last year, one of largest increases on record, may also signal a turning point in the decades-old disconnect between middle-class earnings and overall economic growth.

In 49 states, median income increased at a faster rate than per capita gross domestic product, according to a Stateline ...Read more

Department of Labor accuses Palantir of discriminating against Asian job applicants

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PALO ALTO, Calif. -- The U.S. Department of Labor on Monday accused secretive data startup Palantir of discriminating against Asian job applicants, making the company the latest in the Silicon Valley tech community to face accusations of workplace bias.

The Palo Alto company disproportionately turned qualified Asian candidates away from certain...Read more

Wells Fargo faces Labor Department review for possible workplace violations

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WASHINGTON -- The Labor Department has launched a "top-to-bottom review" of how Wells Fargo & Co. treated employees as it pushed the aggressive sales quotas that led to the bank's fake-accounts scandal.

A working group that includes officials from five Labor Department enforcement divisions has been established to conduct a "thorough and ...Read more

Disney's rumored Twitter bid spurs doubts

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SAN FRANCISCO -- One is an entertainment giant famous for exacting tight control over its content.

The other is a tech firm whose commitment to free speech has earned it a reputation as a hub for news and a haven for online harassment.

Together, they make for a brow-raising pairing. But stranger things have happened in the land of acquisitions...Read more

Snapchat's playful shot at sunglasses

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LOS ANGELES -- A paparazzi photograph of Snapchat Chief Executive Evan Spiegel prematurely revealed the Los Angeles company's first piece of consumer electronics: a pair of video camera sunglasses.

Though it spoiled the surprise delivered last week, the fact that Spiegel felt comfortable wearing the shades where he did -- in public with his ...Read more

Diane Stafford: 'Gig' work increasingly common

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A generation ago, if you talked about someone having a gig, you were talking about a musician.

Today, the term has morphed into a job description for self employment, contract or freelance work, temporary jobs, moonlighting and, sometimes, even part-time employment -- just about anything except a full-time job with a single employer.

Gigs are ...Read more

Liz Reyer: How to overcome the tendency to back away from challenges

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Q: I have received several challenging opportunities, both at work and in my personal life, and always find myself backing away at the last minute. I end up feeling frustrated with myself, as though I'm not stepping up to my potential. How can I break this pattern?

--Travis, 30, project manager

A: Channel the regret you feel for past ...Read more

Your Office Coach: How to make protocols stick

Business / Business News /

Q: I work in a medical practice in which the staff regularly fails to follow established protocols. Although I know there should be consequences for ignoring the rules, we haven't been able to make that work with our employees.

Writing people up seems to have no effect, probably because they know they won't be fired. We've considered deducting ...Read more

Rex Huppke: New exhibit on American workers makes us think: Why do we work?

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The great Chicago author and historian Studs Terkel once wrote this about work:

"It is about a search, too, for daily meaning as well as daily bread, for recognition as well as cash, for astonishment rather than torpor; in short, for a life rather than a Monday through Friday sort of dying."

That quote looms large over a new multimedia exhibit...Read more

Balancing Act: Is your smartphone the third party in your relationship?

Business / Business News /

It is 9 p.m. and Elisa D'Amico has scrambled home from work, dined with her family, tucked her children in bed and begun answering a client's email on her smartphone. Beside her on the couch is her attorney husband, Brian -- iPad in hand, plowing through his inbox, ready to review a legal matter that needs attention.

This type of scenario -- ...Read more

Lands' End CEO steps down

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MILWAUKEE -- Federica Marchionni has stepped down from her role as Lands' End CEO and resigned as a director, the company announced Monday.

Its board of directors appointed Joseph Boitano and James Gooch as co-interim chief executive officers, a company news release said.

Boitano currently serves as executive vice president and chief ...Read more

Emerging-market assets climb after debate as Mexican peso surges

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BANGKOK -- Emerging-market currencies climbed for the first time in three days, led by Mexico's peso, and stocks gained after the first of three televised U.S. presidential debates.

The peso jumped the most in two months, rebounding from a record low, a sign investors may perceive Hillary Clinton is outperforming Donald Trump in the debate. ...Read more

Wells Fargo faces 'top-to-bottom' review, Labor Department says

Business / Business News /

WASHINGTON -- The U.S. Department of Labor agreed to conduct a review of Wells Fargo & Co. requested by lawmakers including Sen. Elizabeth Warren, who said the bank may have put undue pressure on employees to meet sales quotas.

Lawmakers had asked the agency in a letter last week to investigate after the San Francisco-based lender was caught ...Read more

Chemtura sold for $2.1 billion

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PHILADELPHIA -- Chemtura Corp. has agreed to be acquired by chemical-maker Lanxess AG for $33.50 a share, or $2.1 billion (2.4 billion euros), cash. The chemical manufacturing group has been based in Philadelphia since a team of bosses headed by Hercules Inc. veteran Craig Rogerson and turnaround specialist Ray Dombrowski took it out of ...Read more

ConAgra buys Frontera Foods

Business / Business News /

CHICAGO -- Frontera Foods, the Chicago-based gourmet Mexican food company started by celebrity chef Rick Bayless, has been purchased by ConAgra Foods, the packaged food giant known for such brands as Slim Jim, Banquet and Reddi-wip.

The acquisition, which closed Monday, moves the Frontera, Red Fork and Salpica grocery brands under the ConAgra ...Read more