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Yahoo
2 days ago
- Business
- Yahoo
Fed removes restrictions on Wells Fargo after fake-accounts scandal
The Federal Reserve said it has removed restrictions it had placed on Wells Fargo, the prominent San Francisco bank that has sought to move past a series of scandals in the last decade. The Federal Reserve said in a statement the bank is no longer subject to an asset restriction it had placed on Wells Fargo in 2018 due to a toxic sales and banking culture. 'We are a different and far stronger company today because of the work we've done,' Wells Fargo CEO Charlie Scharf said in a statement. Read more: Wells Fargo's pressure-cooker sales culture comes at a cost Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around. Wells Fargo had been under tighter rules since 2018 because of a corporate culture that set unreasonable sales goals for branch-level employees. Wells Fargo was the subject of a Times investigation in 2013 that revealed a pressure-cooker culture at the bank where employees opened unneeded accounts for customers, ordered credit cards without their permission and forged signatures on paperwork. The fake accounts scandal cost Wells Fargo billions of dollars in fines and and battered its reputation. The bank later ousted much of its leadership and board of directors. Read more: Why Wells Fargo's San Francisco downsizing is bad news for California banking The Fed placed Wells Fargo under a program known as an asset cap. Under the program, the bank could grow no larger than it was in 2018, a rarity in the banking industry. Wells was also required to fix its culture and restructure its risk and compliance departments . Scharf took the helm of the bank in 2019. Since then, he has been working to convince the Fed that Wells Fargo had reformed. With the removal of the asset cap, the bank can now aim for higher deposits and new accounts as well as pursue additional investment banking businesses by keeping additional securities on its balance sheet. The Associated Press contributed to this report Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Fed removes restrictions on Wells Fargo after fake-accounts scandal
The Federal Reserve said it has removed restrictions it had placed on Wells Fargo, the prominent San Francisco bank that has sought to move past a series of scandals in the last decade. The Federal Reserve said in a statement the bank is no longer subject to an asset restriction it had placed on Wells Fargo in 2018 due to a toxic sales and banking culture. 'We are a different and far stronger company today because of the work we've done,' Wells Fargo CEO Charlie Scharf said in a statement. Read more: Wells Fargo's pressure-cooker sales culture comes at a cost Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around. Wells Fargo had been under tighter rules since 2018 because of a corporate culture that set unreasonable sales goals for branch-level employees. Wells Fargo was the subject of a Times investigation in 2013 that revealed a pressure-cooker culture at the bank where employees opened unneeded accounts for customers, ordered credit cards without their permission and forged signatures on paperwork. The fake accounts scandal cost Wells Fargo billions of dollars in fines and and battered its reputation. The bank later ousted much of its leadership and board of directors. Read more: Why Wells Fargo's San Francisco downsizing is bad news for California banking The Fed placed Wells Fargo under a program known as an asset cap. Under the program, the bank could grow no larger than it was in 2018, a rarity in the banking industry. Wells was also required to fix its culture and restructure its risk and compliance departments . Scharf took the helm of the bank in 2019. Since then, he has been working to convince the Fed that Wells Fargo had reformed. With the removal of the asset cap, the bank can now aim for higher deposits and new accounts as well as pursue additional investment banking businesses by keeping additional securities on its balance sheet. The Associated Press contributed to this report Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
3 days ago
- Business
- Yahoo
Disney to cut hundreds of employees in latest round of layoffs
Walt Disney Co. launched another deep round of layoffs on Monday, notifying several hundred Disney employees in the U.S. and abroad that their jobs were being eliminated amid an increasingly difficult economic environment for traditional television. People close to the Burbank entertainment giant confirmed the cuts, which are hitting film and television marketing teams, television publicity, casting and development as well as corporate financial operations. The move comes just three months after the company cut 200 workers, including at ABC News in New York and Disney-owned entertainment networks. At the time, the division said it was cutting its staff by 6% amid shrinking TV ratings and revenue for traditional television. Disney declined to specify how many workers were losing their jobs. The cutbacks come after Disney Chief Executive Bob Iger acknowledged to Wall Street that Disney had been pumping out too many shows and movies to compete against Netflix. The programming build-up accelerated as the company prepared to launch Disney+ in late 2019, and it bulked up its staff to handle the more robust pipeline. But the company since has retrenched, recognizing the need to focus on creating high-quality originals that meet Disney's once lofty standards. Read more: Layoffs hit ABC News and Disney's entertainment TV channels ABC News shed about 40 employees last October. The company's TV stations also lost staff members. The ABC television network and Disney-owned entertainment channels have seen dramatic audience defections as consumers switch to streaming services, including Netflix, Paramount+ and Disney+. Read more: Disney's ABC Television Group to cut 5% of workforce Hollywood trade site Deadline first reported the news. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
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CNN parts ways with correspondent whose story led to defamation lawsuit
CNN's chief national security correspondent Alex Marquardt, whose 2021 story on a military contractor led to a defamation suit loss in court, announced Monday he is leaving the network. "Tough to say goodbye but it's been an honor to work among the very best in the business," Marquardt wrote on X. "Profound thank you to my comrades on the National Security team & the phenomenal teammates I've worked with in the US and abroad." Earlier this year, a Florida jury awarded $5 million to former CIA operative Zachary Young after a jury found he was defamed in a November 2021 report by Marquardt on how Afghans were being charged thousands of dollars to be evacuated after the U.S. military withdrawal from their country. After deliberations began on punitive damages, CNN attorneys reached an undisclosed settlement with Young. Read more: CNN finds itself at a digital crossroads after years of turmoil A CNN representative declined to comment on Marquardt's departure, calling it a personnel matter. One network insider who was not authorized to comment publicly said there was a feeling among many people at CNN that Marquardt had to go after the loss in court. Marquardt has served as CNN's chief national security correspondent since 2017. He was previously a foreign correspondent for ABC News. Young lives in Vienna and has his business based in Florida. He was seeking $14,500 for getting people out of Afghanistan after the chaotic U.S. military withdrawal. He claimed his services were limited to corporate sponsors. The business was described in Marqurdt's report alongside interviews with Afghans who spoke about desperate efforts by people to escape, but they had no connection to Young. Young's suit said his inclusion in the story, which used the term 'black market' in an on-screen banner, implied that his activity was criminal, even though Marquardt's segment made no such charge. 'Black market' was also used in the introduction of the report when it first ran on 'The Lead With Jake Tapper,' other CNN programs and the network's website and social media accounts. CNN lawyers argued that the term "black market" was used to describe an unregulated activity, even though the dictionary definition describes it as illegal. Young claimed the story destroyed his reputation and ability to earn a living — driving his annual income from $350,000 to zero — and caused severe emotional and psychological distress. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times.
Yahoo
6 days ago
- Business
- Yahoo
LinkedIn cuts 281 workers in California as tech layoffs continue
LinkedIn, the professional social network where people search for work, is shedding jobs. The Microsoft-owned tech company has cut 281 workers in California, a notice filed this week to the California Employment Development Department shows. Earlier this month, Microsoft said that it was terminating 3% of staff, or about 6,000 workers. The layoffs affected its California employees and LinkedIn workers. LinkedIn is among major tech companies that have slashed its workforce this year. Meta, Google, Autodesk and other tech companies have also been cutting workers, citing various reasons, including restructuring, investments in artificial intelligence and low worker performance. Read more: Bay Area tech workers thought their jobs were safe. Then the 'golden handcuffs' came off LinkedIn, headquartered in Sunnyvale and Mountain View, notified its employees about the layoffs on May 13. Workers posted about their pink slips on the social network, letting hiring managers and recruiters know that they were open to work. The company didn't respond to a request for comment. Its website says it has roughly 18,400 employees and offices in more than 30 cities globally. LinkedIn's California layoffs affected workers at its offices in San Francisco, Mountain View, Carpinteria and Sunnyvale. More than half of those cuts hit its workforce in Mountain View. Software engineers were heavily impacted by LinkedIn's California layoffs, according to data provided to the state. Talent account directors, senior product managers and other workers also lost their jobs. The cuts come as tech companies are releasing more artificial intelligence-powered tools that can generate code. Executives have also said that would impact engineering jobs. Microsoft Chief Executive Satya Nadella said in April that as much as 30% of the company's code is written by AI during a conversation with Meta Chief Executive Mark Zuckerberg at the social network's AI developer conference. As Microsoft competes to release more AI tools, the company has said that it's trying to increase how fast it moves by reducing the number of managers and cutting down on redundancies. It's the latest cost-cutting round at LinkedIn. In 2023, the company laid off nearly 700 employees and said that it was trying to improve agility and accountability as part of a reorganization effort. Microsoft purchased LinkedIn for $26 billion in 2016. In April, the company reported that its revenue in the third fiscal year quarter reached $4.3 billion in the third fiscal year quarter, up 7% over last year. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
