Wells Fargo yesterday fired four senior community banking managers it has tied to the simmering scandal over the opening of unauthorized accounts and high-pressure sales tactics that last September cost the bank $185 million in fines - and 5,300 lower-level employees their jobs. John Stumpf, who was CEO during the shenanigans, retired with a reported $134.1 million package in October following contentious congressional hearings.
The Kraft Heinz offer for Unilever, which disappeared as suddenly as it arrived after Unilever adamantly said no, has observers wondering about motivations, contemplating the impact of the eventful non-event and pondering what may be next for both companies.
Another transactional ritual of the 21st Century that may soon go the way of the checkbook: it's freezing cold as your hands fumble to get a grip on the credit card, which you insert into the slot on the gas tank upside down then, after correcting, your gloved finger punches in the wrong verifying zip code only to be informed that ....
Businesses are closing and cities across the country are preparing for "A Day Without Immigrants," an apparently impromptu movement gathering momentum that calls for immigrants to not work today to protest the Trump Administration's border policies.
After years of heavy maintenance and repair bills, General Motors is looking to trade in its Opel division in Europe, where it has been for 90 years. CEO Mary Barra and president Dan Ammann are at Opel's headquarters in Ruesselsheim, Germany, this morning "exploring a potential deepening of strategic initiatives," Reuters reports, including a sale of Opel to PSA Group, the French company that makes Peugeot and Citroen.
You only had to read the "Washington Post" headline last Friday to know where this was headed: "An Old Drug Gets A New Price To Fight A Rare Disease: $89,000 A Year."
There was a limit, after all, to just how long Verizon could withstand the pressure of its rivals offering unlimited data plans. Starting today, it will, too.
While it's not surprising that Glenview, Ill.-based baby-formula maker Mead Johnson Nutrition Co. is being acquired, it is a bit unexpected that it will be by U.K.-based Reckitt Benckiser Group, maker of Lysol cleaners, Durex condoms and Air Wick air fresheners. The $90-a-share takeover, which was announced in London early this morning, is valued at $17.9 million when debt is included.
The other shoe that most observers have been waiting to drop came down with a thud yesterday. A federal district court judge in Washington D.C., ruled that the proposed $48 billion merger between Anthem and Cigna would lessen competition and - no surprise - result in higher prices for consumers.
The ongoing decline of that hallowed American institution - the shopping mall - isn't helping Michael Kors but it has other problems, too, if yesterday's results are indicative of anything besides a 2.4% decline in total revenue for the holiday quarter, to $3.43 billion.