Receiving Wide Coverage ...
No bonuses: Wells Fargo's board stripped eight top executives, including CEO Timothy Sloan and CFO John Shrewsberry, of their 2016 cash bonuses and clawed back up to half the stock awards in response to the bank's phony accounts scandal. The actions "don't reflect the culpability of individuals but are meant to show their accountability for the bank's overall performance and reputational risk as a result of the scandal," the Wall Street Journal reported. The moves will cost the executives about $32 million.
Wells also disclosed that the number of customers affected by the scandal may be bigger than the 2.1 million originally estimated. And its
Big shakeup: Bridgewater Associates, the world's biggest hedge fund, said its billionaire founder Ray Dalio will step down as co-chief executive and co-CEO Jon Rubinstein, the former Apple executive, is leaving the company after less than a year. Dalio, who remains as co-chairman and co-chief investment officer, told clients that he and Rubinstein "mutually agree that [Rubinstein] is not a cultural fit" for the company. Rubinstein will be replaced by David McCormick, the company's president and a former Treasury Department official. It was also reported that Craig Mundie, a former deputy to Bill Gates at Microsoft, was removed recently as co-executive chairman. According to the Journal, the company has had five chief executives since the beginning of 2016.
Wall Street Journal
Card war: American Express announced it is
Despite the changes, Amex just
I'm a believer: The KBW Nasdaq Bank index rose more than 3% on Wednesday to reach its highest level since late 2007, before the global financial crisis. The index has gained about 32% since Donald Trump's election, outperforming the S&P 500 by about 20 percentage points. As a result, "bank executives themselves are now
Unwelcome surprise: Homeowners who took out home equity lines of credit 10 years ago during the housing boom may be facing much
New York Times
Where's the money?: Thousands of customers have filed a
Quotable ...
"It's been 10 years since they signed the loan documentation, and for a lot of our customers,