2020-08-10@08:44:54 GMT
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    VIDEO4:5504:55One market indicator could signal when to get defensive, Wells Fargo Securities' Chris Harvey saysTrading Nation Congress at a stimulus stalemate and rising U.S.-China tensions have not stopped the S&P 500 from marching back up to just 1% from record highs. Democratic and Republican lawmakers on Friday could not come to an agreement on a relief bill, pushing President Donald Trump to consider executive action. Meanwhile, Trump moved the needle against China again after banning U.S. transactions with TikTok's parent company ByteDance. Chris Harvey, head of equity strategy at Wells Fargo Securities, is not concerned either of these headwinds will stall the stock market's move back to highs. However, he does see other factors that could impede the run. "What...
    Rob Manfred believes coronavirus protocols can work, blames outbreaks on deviations from protocol These Are the 10 Unhealthiest Cocktails on the Planet Wells Fargo Extends Work From Home Until at Least Oct. 1 (Bloomberg) -- Wells Fargo & Co. said it will keep about 200,000 employees working at home through at least Oct. 1. © Photographer: Craig Warga/Bloomberg A Wells Fargo & Co. bank branch stands at night in New York. “We do not yet know when we’ll return to a more traditional operating model,” Beth Richek, a spokesperson for the bank, said Wednesday in an emailed statement. Load Error The bank is developing “a thoughtful, phased plan,” Richek said, and “will use guidance from health experts to...
    Saints promote Terry Fontenot to assistant G.M. of pro personnel Shoppers Say This Striped Dress from Amazon Has ‘Buttery Soft’ Fabric and Roomy Pockets PayPal poaches Wells Fargos innovation executive Peggy Mangot for venture capital team PayPal has hired Peggy Mangot, a former entrepreneur who led the development of a standalone mobile banking app at Wells Fargo, for its internal venture capital team, CNBC has learned. Mangot recently joined the online payments giant as operating partner of PayPal Ventures, according to people with knowledge of the move. At Wells Fargo, Mangot was a senior vice president who ran development of Greenhouse, a fee-free mobile banking app that aimed to help younger users build responsible spending habits. PayPal's venture...
    A sign is posted outside of the PayPal headquarters in San Jose, California.Justin Sullivan | Getty Images PayPal has hired Peggy Mangot, a former entrepreneur who led the development of a standalone mobile banking app at Wells Fargo, for its internal venture capital team, CNBC has learned. Mangot recently joined the online payments giant as operating partner of PayPal Ventures, according to people with knowledge of the move. In the VC world, operating partners typically act as a primary liaison with portfolio companies and work to increase the value of the start-ups. A PayPal spokeswoman confirmed the hire and declined to make Mangot available for an interview. At Wells Fargo, Mangot was a senior vice president who helped develop Greenhouse, a...
    SAN ANTONIO – Wells Fargo helped the San Antonio Food Bank distribute food to about 500 families at a pop-up distribution site that will be set up every Tuesday in August. Copyright 2020 by KSAT - All rights reserved.
    The Wells Fargo Drive-Up Food Bank and the North Texas Food Bank have partnered to provide 87,500 meals to families in the Dallas-Fort Worth area, every other Monday from August 3 to September 28, 2020. People must go to the food bank, they will remain inside their vehicles and open their trunks so that volunteers can place food directly inside the vehicles. Families must be in a vehicle to receive food. You cannot hike. Food distribution will be at Wells Fargo Auto, located at 6051 North State Highway 161 in Irving: Monday, August 3, from 8 to 11 am Monday, August 17, from 8 to 11 am Monday, August 31, from 8 to 11 am Monday, September 14, from...
    HAYWARD, Calif. (KGO) -- If you do business with two of America's biggest banks, you may find the closest branch is temporarily closed due to the novel coronavirus pandemic with no clue as to when it will reopen.Business is booming at the ATM. But at the Bank of America branch on A Street in Hayward, it is closed."Yeah, the one on Hesperian is open, but the line is so long or sometimes I go to Oakland because it's not that busy," said Caroline, Bank of America customer, who said the next closest branch is two-and-a-half miles away.We took a look at the Bank of America website and found at least 79 branches closed throughout the Bay Area. The company warned...
    VIDEO0:5200:52Dollar faces a tough road ahead, Wells Fargo's Michael Schumacher warnsTrading Nation The dollar slides may intensify. According to Wells Fargo Securities' Michael Schumacher, the latest Federal Reserve decision on interest rates and its dovish stance supports the greenback's weakening trend. "The currency market has been very sensitive to this sort of thing while whereas the Treasury market just sits," the firm's head of macro strategy told CNBC's "Trading Nation" on Wednesday. "The currency markets have been much more influenced, and we think that'll remain the case for the next few weeks." Schumacher cites the massive monetary and fiscal stimulus designed to cushion the coronavirus' impact on the economy as the main driver. "The dollar could conceivably get a little bit of...
    PHILADELPHIA (CBS) — The Flyers are getting an assist from their biggest fan. Check out these billboards Gritty bought in Toronto. Hockey is back.People still think Im creepy.I havent blinked in 2 years.Life is good. pic.twitter.com/4CrrcR7QPH — Gritty (@GrittyNHL) July 28, 2020 The furry, orange mascot is front and center with the phrase “every shot you take, every save you make, I’ll be watching you.” We’re not sure if that’s a show of support for the Flyers or a warning for the other teams. Back at home, the Flyers unveiled a new banner at the Wells Fargo Center. “Anytime. Anywhere.” is the slogan for the team’s Stanley Cup run.
    CSACs Andy Foster regrets sanctioning 7-second boxing knockout: I kinda blew this one Best Nordstrom Rack Shoes on Sale Starting at $30 Wells Fargo Files With SEC to Provide Exchange-Traded Funds (Bloomberg) -- Wells Fargo & Co. is planning to join the $4.5 trillion exchange-traded fund industry, one of the last major asset managers to enter the fray. © Bloomberg A pedestrian wearing a protective mask walks past a Wells Fargo & Co. bank branch. The fourth-biggest U.S. bank by assets is seeking to register the Wells Fargo Exchange-Traded Funds Trust with the U.S. Securities and Exchange Commission, according to a Monday filing. If approved, Wells would be able to issues its own ETFs, although they haven’t registered any...
    A Philadelphia man was ordered detained pending trial on charges of stealing $104,000. The incident occurred inside a Wells Fargo Bank May 31, following a surge of protests across the country in response to the police killing of George Floyd in Minneapolis a week earlier. “Amid peaceful protests and an outbreak of civil unrest, criminal opportunists sought to take advantage of the chaos,” Michael J. Driscoll, Special Agent in Charge of the FBI’s Philadelphia Division, said in a statement. “Numerous banks across the city experienced vandalism and forced entry, but this daylight forklift burglary was the most brazen incident by far. The FBI/Philadelphia Police Violent Crimes Task Force continues to work the case, to identify the others involved. Our message...
    Warren BuffettGerry Miller | CNBC Warren Buffett this week added to his already massive stake in Bank of America at a time when the coronavirus pandemic still clouds the U.S. and global economic outlook. A Securities and Exchange Commission filing showed Buffett's conglomerate, Berkshire Hathaway, bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire's stake in Bank of America by $813.3 million to more than $24 billion. Bank of America shares rose nearly 1%, bucking the broader market's negative trend Thursday and outperforming other major banks such as JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has stakes in JPMorgan and Wells Fargo. In May, Buffett struck an optimistic tone at Berkshire's annual shareholder's...
    Igor Derysh July 23, 2020 2:45AM (UTC) The Trump administration's reliance on big banks to distribute small business aid under the Paycheck Protection Program and a lack of transparency requirements have resulted in many Black-owned businesses being shut out of the program. One bank, Wells Fargo, reported distributing only one PPP loan larger than $150,000 to a Black-owned business out of the more than 12,000 it gave out. Even when they had better financial profiles than white-owned businesses, Black business owners faced racial discrimination from banks, according to a recent study. A disproportionate number of PPP loans flowed to majority-white areas, The New York Times reported. : Big banks face multiple class-action lawsuits alleging they prioritized existing corporate clients over needy small...
    Wells Fargo said Tuesday that Mike Santomassimo will replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm. Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. Santomassimo most recently served as Scharf’s CFO at Bank of New York Mellon and previously led the finance teams for various business lines at JPMorgan Chase. Shrewsberry, who told Scharf he was considering retirement when he joined the company, will stay on to ensure a smooth transition, the company said. Shrewsberry was named CFO in 2014 after running Wells Fargo Securities...
    Wells Fargo said on Tuesday that Mike Santomassimo will replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm. Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. Santomassimo most recently served as Scharf’s CFO at Bank of New York Mellon and previously led the finance teams for various business lines at JPMorgan Chase. Shrewsberry, who told Scharf he was considering retirement when he joined the company, will stay on to ensure a smooth transition, the company said. Shrewsberry was named CFO in 2014 after running Wells Fargo Securities...
    Get Up Misses Sports, But Lets Not Pretend They Wouldnt Have These Dumb Arguments Under Normal Circumstances How and When to Deadhead Hydrangeas to Keep Them Blooming All Summer Long Stocks making the biggest moves midday: IBM, Coca-Cola, Wells Fargo, Devon Energy and more Check out the companies making headlines in midday trading.  © Provided by CNBC A bottle of Diet Coke is pulled for a quality control test at a Coco-Cola bottling plant in Salt Lake City, Utah. Coca-Cola — Coca-Cola gained 2.5% after the beverage giant gave an optimistic view about its future. The company said it expects demand to improve moving forward after states eased quarantine and lockdown measures. For the second quarter, however, Coca-Cola reported a 33%...
    A man stands beside a boarded up store due to looting after the 6pm imposed curfew on June 3, 2020 in Philadelphia, Pennsylvania. (Photo by Mark Makela/Getty Images) Authorities have now identified Raphael Shaw as the man who wore a blonde wig and face mask to steal $104,000 from a west Philadelphia Wells Fargo Bank in May. Security footage captured Shaw, 20, as he and another man, Xavier Nolley-Hall used a stolen Lowe’s forklift to remove a vault from the inside of the Wells Fargo branch. Remember when I shared the photo of the Wells Fargo vault theft in #Philly? Well, they finally caught them. Raphael Shaw posed with his stolen money on Instagram. Heres a pic of...
    Brian Kahn8 minutes ago•Filed to:crude awakeningscrude awakeningsoil and gasfossil fuelscoronavirusbanksSaveFlames from the Maria fire burn through an oil field in Santa Paula, California late on October 31, 2019.Photo: Josh Edelson/AFP (Getty Images) The oilpocalypse continues. The industry has been in a tailspin since the coronavirus lockdowns drove demand into the ground. Fossil fuel companies have scrambled to figure out what to do, and it seems the latest tactic is not paying loans. On Tuesday, Wells Fargo posted a quarterly loss for the first time since 2008, which isn’t exactly a comparison that inspires confidence. Within its report on the second quarter, Wells Fargo noted that the oil and gas industry is in particular trouble. Despite making up 3% of its...
    New York (CNN Business)Wells Fargo has gone from one of America's strongest big banks to easily the weakest.For years, Wells Fargo's laundry list of scandals and legal problems had only a fleeting impact on its once-monstrous bottom line. That is no longer the case.Wells Fargo (WFC) is the only major lender during the pandemic to lose money -- its first loss since the 2008 financial crisis. And that red ink was driven in large part by the crushing penalties imposed two years ago by the Federal Reserve for abusing customers. Goldman Sachs is crushing it as booming markets trump Main Street turmoilWells Fargo is such a mess that it's being forced to slash its coveted dividend. During the Great...
    VIDEO4:0104:01Wells Fargo tumbles, but Citigroup and JPMorgan shares jump—5 experts speakTrading Nation Survival of the fittest? As the big banks kick off earnings season with their quarterly reports, they are shedding light on two sides of banking that are faring very differently during the pandemic, market analysts say. JPMorgan Chase's results came in strong, with the firm reporting record revenue. On the other side of the spectrum was Wells Fargo, which said it lost $2.4 billion in the second quarter. Here's what five Wall Street professionals, including CNBC's Jim Cramer, said about the banks on Tuesday:'What's the catalyst?'Aperture Investors Chairman and CEO Peter Kraus wondered if one of JPMorgan's main catalysts this quarter could last: "We expected trading income to...
    NEW YORK (AP) — Stocks that moved heavily or traded substantially on Tuesday: Xylem Inc., up $5.99 to $73.33. The supplier of technology for water treatment plants gave investors an encouraging revenue update and announced two contracts. Ford Motor Co., up 30 cents to $6.36. The carmaker relaunched its Bronco SUV brand after a 20-year absence. Mohawk Industries Inc., down $2.39 to $74.21. The flooring products company is being investigated for allegedly fabricating revenues. Wells Fargo & Co., down $1.16 to $24.25. The nation’s biggest mortgage lender reported a far larger second-quarter loss than Wall Street expected. JPMorgan Chase & Co., up 56 cents to $98.21. The bank reported its highest quarterly revenue ever during the second...
    Fantasy Baseball Catcher Sleepers: Breakout, undervalued backstops to target in 2020 drafts This Sit n Spin has been a hit since the 70s and kids today still love it — its one of my daughters favorite toys Wells Fargo blames COVID-19 and Fed rules, but also itself for disappointing results Shares of Wells Fargo & Co. were down about 5% Tuesday afternoon, but off the day’s worst levels, after the bank reported a wider-than-expected second-quarter loss and said it was cutting its quarterly dividend by 80%. © Getty Images Wells Fargo CEO Charles Scharf blames the bank, and previous leadership, for the regulatory constraints that weighed on results. Wells Chief Executive Charles Scharf said on the post-earnings conference call...
    SAN FRANCISCO (CBS SF / CNN) — Wells Fargo swung to its first quarterly loss since the Great Recession, forcing the struggling San Francisco-based bank to warn it will likely slash its coveted dividend by 80%. The poor results were driven by soaring expenses linked to Wells Fargo’s scandals and surging credit costs caused by the bank’s darkening economic view. Wells Fargo also doesn’t have as much exposure to booming markets that have padded the bottom lines of some of its rivals. Wells Fargo suffered a loss of $2.4 billion during the second quarter, a sharp reversal from the $6.2 billion the lender earned a year ago. The bank lost 66 cents per share, more than three times as much as feared. It’s Wells...
    Ohio State transfer Jaelen Gill granted immediate eligibility at Boston College Style Entrepreneur Kristen Noel Crawley Debuts New Project Stocks making the biggest moves midday: Wells Fargo, Netflix, Ford, Moderna and more Check out the companies making headlines in midday trading.  © Provided by CNBC Wells Fargo — Shares of Wells Fargo fell 5% after the bank posted its first quarterly loss since the Great Recession and slashed its dividend. The bank posted a net loss of $2.4 billion in the second quarter, or a loss of 66 cents a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv. It also cut its quarterly dividend to 10 cents a share from 51 cents previously. Load Error...
    The wheels are coming off The Stagecoach. Wells Fargo swung to a big loss in the second quarter, forcing it to set aside billions of dollars to cover possible loan losses ahead as the coronavirus threw a wrench into its efforts to recover from a slew of scandals. The third-biggest US lender posted a net loss of $2.4 billion for the second quarter on revenue of $17.8 billion. A year earlier, Wells had posted a profit of $6.2 billion. Wells’ loss per share of 66 cents was also much deeper than the 20 cents forecast by the Street. In keeping with a broader industry theme, Wells forecast more pain to come in 2020, setting aside a massive $8.4 billion...
    The wheels are coming off The Stagecoach. Wells Fargo swung to a giant loss within the second quarter, forcing it to put aside billions of {dollars} to cowl attainable mortgage losses forward because the coronavirus threw a wrench into its efforts to get well from a slew of scandals. The third-biggest US lender posted a web lack of $2.four billion for the second quarter on income of $17.Eight billion. A yr earlier, Wells had posted a revenue of $6.2 billion. Wells’ loss per share of 66 cents was additionally a lot deeper than the 20 cents forecast by the Avenue. Consistent with a broader business theme, Wells forecast extra ache to return in 2020, setting apart a large $8.four...
    Ex-NBA star Al Harrington explains why marijuana policy change is essential to police reform The Secret History of the Dolls That Inspired Diors Couture Collection Big U.S. banks predict more economic pain from coronavirus By Elizabeth Dilts Marshall and Imani Moise © Reuters/Gary Cameron FILE PHOTO: FILE PHOTO: A man walks past a Wells Fargo Bank branch on a rainy morning in Washington NEW YORK (Reuters) - Three of the largest U.S. banks said on Tuesday they had set aside a whopping $28 billion for loan losses, in a stark reminder that much of the economic pain from the coronavirus pandemic is still to come. © Reuters/Jim Young FILE PHOTO: FILE PHOTO: A man uses a Citibank automated teller...
    By MATT OTT, AP Business Writer Silver Spring, Md. (AP) — Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarter's $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business. The bank said it had a loss of 66 cents per share. Analysts surveyed by FactSet expected a loss of 16 cents per share. In the first full reporting period under coronavirus restrictions, the San Francisco-based bank said it had revenue...
    New York (CNN Business)Wells Fargo swung to its first quarterly loss since the Great Recession, forcing the struggling bank to warn it will likely slash its coveted dividend by 80%.The poor results were driven by soaring expenses linked to Wells Fargo's scandals and surging credit costs caused by the bank's darkening economic view. Wells Fargo (WFC) suffered a loss of $2.4 billion during the second quarter, a sharp reversal from the $6.2 billion the lender earned a year ago. The bank lost 66 cents per share, more than three times as much as feared. It's Wells Fargo's first loss since late 2008 during the height of the financial crisis. Revenue dropped by a steeper-than-expected 18% to $17.8 billion.Wells Fargo said...
    Roundup: WNBAs Elena Delle Donne Decision; Jimmy Fallon Back; RIP Grant Imahara Marni Revamps Meatpacking District Store Wells Fargo swings to loss on higher provisions to cover soured loans (Reuters) - Wells Fargo & Co swung to a loss in the second quarter after setting aside $9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said on Tuesday. © Reuters/JEENAH MOON Wells Fargo Bank branch is seen in New York The lender, which has been struggling to recover from a series of misselling scandals, reported a net loss of $2.4 billion, or 66 cents per share, for the quarter ended June 30, compared with a profit of $6.2 billion, or $1.30 per share, in...
    Jen Welter is still Changing the Game by making sure other women follow her to the NFL Demi Lovato said she would forever cherish the opportunity to play Naya Riveras girlfriend on Glee, because she helped queer girls like me Wells Fargo reports $2.4 billion loss for the quarter, cutting dividend to 10 cents Wells Fargo on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic. © Provided by CNBC Charles Scharf The bank had a net loss of $2.4 billion in the second quarter, or a loss of $0.66 a share, worse than the 20 cents a share loss expected by analysts surveyed...
    Silver Spring, Md. (AP) — Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarter’s $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business. The bank said it had a loss of 66 cents per share. Analysts surveyed by FactSet expected a loss of 16 cents per share. In the first full reporting period under coronavirus restrictions, the San Francisco-based bank said it had revenue of $17.84 billion in the quarter,...
    Pedestrians walk past a Citibank branch in Washington, D.C.Andrew Harrer | Bloomberg | Getty Images Citigroup is set to report its latest quarterly numbers later on Tuesday as the corporate earnings season kicks off. Here's what analysts expect from the banking giant's second quarter of the year: Earnings: 28 cents per share expected by Refinitiv Revenue: $19.12 billion forecast Provision for credit losses: $6.99 billion expected by FactSet Fixed income, currency and commodities trading revenue: $4.86 billion forecast by FactSet Equities trading revenue: $929.8 million expected Citigroup shares are up nearly 12% the last three months through Monday's close, outperforming peers such as JPMorgan Chase, Wells Fargo and Bank of America. JPMorgan and Bank of America were roughly...
    By Brian Fung | CNN Wells Fargo has banned the social media app TikTok from company devices amid what it says are concerns about security. In a statement to CNN Business on Monday, a Wells Fargo spokesperson said the company had identified a “small number of employees with corporate-owned devices who had installed the TikTok application.” “Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices,” the statement said. The ban was first reported by The Information. TikTok didn’t immediately respond to a request for comment. The Wells Fargo announcement comes at a time of...
    Banking giant Wells Fargo reportedly identified that a number of employees had installed the Chinese-owned TikTok app on company devices and requested that all employees remove the app due to “privacy concerns.” Engadget reports that Wells Fargo has requested that all employees remove the Chinese-owned app TikTok from company devices due to “privacy concerns.” This news comes shortly after the New York Times reported that the e-commerce giant Amazon had requested that their employees also remove the app from their devices, a claim which Amazon responded to claiming the email was sent “in error.” A Wells Fargo spokesperson confirmed that the company has instructed employees to remove TikTok from company devices, stating: We have identified a small number of Wells Fargo...
    SAN FRANCISCO (CBS SF / CNN) — Wells Fargo has banned the social media app TikTok from company devices amid what it says are concerns about security. In a statement to CNN Business on Monday, a spokesperson said the San Francisco-based company had identified a “small number of employees with corporate-owned devices who had installed the TikTok application.” “Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices,” the statement said. The ban was first reported by The Information. TikTok didn’t immediately respond to a request for comment. The Wells Fargo announcement comes at a time of...
    (CNN Business)Wells Fargo has banned the social media app TikTok from company devices amid what it says are concerns about security.In a statement to CNN Business on Monday, a Wells Fargo spokesperson said the company had identified a "small number of employees with corporate-owned devices who had installed the TikTok application.""Due to concerns about TikTok's privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices," the statement said. The ban was first reported by The Information. TikTok didn't immediately respond to a request for comment. The Wells Fargo announcement comes at a time of renewed scrutiny of TikTok -- including talk...
    New York (CNN Business)Mass unemployment. Surging bankruptcies. An unprecedented health crisis. And near-zero interest rates. It's a depressing time for America's banks -- and Wall Street is bracing for huge profit plunges when they report results this week. JPMorgan Chase (JPM), Bank of America and Citigroup (C) are all expected to reveal their second-quarter profits crashed by 50% or more. Wells Fargo (WFC) is likely to slash its coveted dividend and announce the scandal-ridden bank's first quarterly loss since the financial crisis. "2020 has been a disaster," said Jim Shanahan, who covers banks at Edward Jones. "It wasn't the banks' fault. It was like we had an alien invasion in the second quarter." Americans are rapidly shrinking their credit card...
    Alyse StanleyToday 3:40PM•Filed to:tick tock tiktoktick tock tiktokTikTokAmazonwells fargosecurityprivacy and securitySavePhoto: Justin Sullivan (Getty Images) America’s fourth-largest bank, Wells Fargo, is barring the app TikTok on company devices and instructing any employees who have it currently installed to remove it immediately, citing privacy concerns. “We have identified a small number of Wells Fargo employees with corporate-owned devices who had installed the TikTok application on their device,” Wells Fargo said in a statement to multiple outlets. “Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices.” The short-form video platform is one of the most popular...
    A separate New York Times report claimed that Amazon told employees to remove the social networking application from devices that can access company email. The note reportedly warned them, as well, that they need to uninstall TikTok by Friday for email access to continue. However, an Amazon spokesperson told News Brig that the email was sent to some of its employees “in error” and that there’s no change to its policies “right now with regard to TikTok.” The lip-syncing app has been under scrutiny due to concerns raised about Bytedance, its parent company that’s based in Beijing. US authorities are worried about the possibility that Bytedance could be compelled to share data with the Chinese government under the country’s laws....
    WELLS Fargo has banned all staff from using TikTok and ordered them to delete the app immediately over "privacy and security" fears. The banking giant made the announcement to its staff earlier this week. 2 The company asked employees to delete the app 'immediately'Credit: Reuters In a statement to Reuters, Wells Fargo said: "Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices." However, TikTok told the outlet: "We have not been contacted by Wells Fargo, but as with any organization that has concerns, we are open to engaging with them constructively and letting them know...
    Wells Fargo has reportedly instructed employees who installed TikTok on company devices to remove the app, The Information reported. The company said it had “concerns about TikTok’s privacy and security controls and practices” in a statement to The Information. It’s the latest company to raise security concerns about employees using the popular video-sharing app, which hit 2 billion downloads in April. On Friday, Amazon said it sent an email “in error” to employees asking them to remove TikTok from mobile devices with Amazon email addresses. The company later clarified that there had been “no change to our policies right now with regard to TikTok.” TikTok, which is owned by Chinese company ByteDance, was one of several apps recently revealed to...
    Jaguars announce plans for 25% capacity, masks in 2020 Supremes New Speedo Collab Is Almost Perfect Stocks making the biggest moves midday: Gilead, Wells Fargo, Carnival & more Check out the companies making headlines in midday trading:  © Provided by CNBC A customer leaves an ATM at a Wells Fargo branch in Denver. Gilead Sciences — Gilead gained 2.1% after saying its coronavirus treatment candidate drug, remdesivir, was associated with an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care in a trial. Load Error Carnival Corp. — Shares of the cruise line operator jumped 8.2% after the company said it is seeing strong demand for trips in 2021. Carnival also said it...
    US schools reopening: Trump pointed to European nations in his call to return. These charts show America is nowhere near them I spent the night in a New York hotel that made 3 core changes to help guests feel safe during the pandemic — and I think it sets a good model for beachfront hotels everywhere Stocks making the biggest moves premarket: United Airlines, Amazon, Nvidia, Wells Fargo & more Check out the companies making headlines before the bell Friday: © Provided by CNBC Traders work on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, February 25, 2020. United Airlines (UAL) — The airline reached...
    Red Bull say no to Vettels hopes of a return What we know about coronavirus risks to school age children What to expect as banks report earnings: more loan pain but plenty of fee income DEEP DIVE © Getty Images Analysts expect JPMorgan Chase’s second-quarter numbers to show significant improvement over the first quarter, but earnings are nonetheless likely to be a fraction of what they were a year earlier. The largest U.S. banks will announce their second-quarter results next week. Investors should expect another big hit to earnings as banks set aside more money to cover expected loan losses. On the other hand, the big banks are also continuing to see a boost to fee income from elevated...
    Wells Fargo is preparing to cut thousands of jobs starting later this year, Bloomberg Law reported Thursday, citing people familiar with the matter. The company’s plans will eventually result in eliminating tens of thousands of positions due to pressure to “dramatically reduce costs,” the report said. Wells Fargo, the fourth-largest US lender by assets, is leaning on cost cuts to stabilize its bottom line as it recovers from a raft of fines and costs relating to sales abuses first uncovered in 2016 and mounting loan loss provisions due to the coronavirus-driven economic downturn. The bank’s executives have not yet adopted a specific target for shrinking its workforce of about 263,000, the report added, citing one person familiar with the...
    Jorge Masvidal arrived at Fight Island wearing a Donald Trump mask and a bright, Miami pink Versace robe Imelda Staunton Has Officially Been Named The Crowns Final Queen Elizabeth II Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings Wells Fargo is now requiring new customers to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000, according to people with knowledge of the policy. The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify, said the people, who...
    (L-R) Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, chief executive officer of Bank of America Corp., Ron O'Hanley, president and chief executive officer of State Street Corp., Charles Scharf, chief executive officer of Bank of New York Mellon Corp., and David Solomon, chief executive officer of Goldman Sachs & Co., are sworn in before a House Financial Services Committee hearing on April 10, 2019 in Washington, DC.Alex Wroblewski | Getty Images Some of the largest banks in the U.S. on Monday reported results from the Federal Reserve's annual stress test.  Investors wondered before the announcements if any of the...
    People walk by a Wells Fargo bank branch on October 13, 2017 in New York City.Spencer Platt | Getty Images Wall Street analysts pointed to Wells Fargo as a likely candidate to cut its dividend following the announcement by the Federal Reserve last week that it was capping bank dividends based on earnings. The company's previous quarterly common stock dividend was 51 cents per share. Shares of Wells Fargo rose slightly on Monday ahead of the announcement. On Friday, following the central bank's decision, the stock fell 7.4%. Shares are down more than 50% year to date. The Fed's move to cap dividends and ban buybacks came out of its stress tests of major financial companies, which this year included...
    VIDEO1:0001:00This growing political risk may hurt stocksTrading Nation Wells Fargo Securities' Christopher Harvey believes the market is underestimating a major risk — and it's not the coronavirus. According to the firm's head of equity strategy, a Joe Biden presidential win could throw Wall Street a curve ball and hurt the recovery. "We just don't think it's fully priced into the market place at this point," he told CNBC's "Trading Nation" on Friday.  The concern: A Biden win could result in changes to the tax code which would be a negative for stocks. "Biden is moving up in the polls," noted Harvey. "What does that mean for taxes? Can they [Democrats] win? Not just the White house, but can they win the...
    Opinion: In case you forgot, the Astros are the worst African American history you werent taught in school Wells Fargo Gets Dinged, but Others Might Follow © Image Of Sport/Zuma Press The Federal Reserve on Thursday largely gave a pass to the biggest U.S. banks while still finding a way to subtly single out Wells Fargo. Bank shareholders still shouldn’t assume their dividends are assured for much longer. Along with its regular annual stress tests, the Fed made a special announcement that, for at least another quarter, large banks will be barred from making any share repurchases and face limits on dividend payouts. The former was expected—banks already have suspended buybacks since March in response to coronavirus uncertainty. As...
    GP: A logo of a Virgin Galactic is seen outside the building during the company's first day of trading on the New York Stock Exchange (NYSE) on October 28, 2019 in New York City.JOHANNES EISELE | AFP | Getty Images Check out the companies making headlines after the bell. Virgin Galactic — Shares of the space travel company climbed 5% in extended trading after Virgin Galactic successfully completed its second glide flight test in New Mexico on Thursday. The company said it is now preparing for full rocket-powered test flights and expects to begin commercial operations this summer. Virgin Galactic also said it aims to be profitable by 2021. Nike — The athletic apparel manufacturer's stock dropped 3% in extended trading after...
    This content is sponsored by Wells Fargo. Business owners have had to turn on a dime and adapt to unfamiliar circumstances during the coronavirus pandemic, an effort made even more difficult due to plummeting revenue and new pandemic-related restrictions. But some businesses in the nation’s capital are getting a boost with the help of Wells Fargo, which has donated $1 million to support small D.C. businesses, focusing on business owners from diverse and low-to-moderate income communities Wells Fargo granted the funds to three local Community Development Financial Institutions (CDFIs), which are institutions that can help business owners from underserved communities access funding that they might otherwise be unable to qualify for through traditional banking options. The CDFIs include the Washington...