John Stumpf has retired as chairman and CEO of Wells Fargo (WFC), effectively immediately, in the wake of the secret account mess that led the bank to agree to a $185 million settlement with regulators. COO Tim Sloan takes over as CEO. (CNBC)
Stumpf decided to retire because he felt it was necessary for the bank to move on, the new Wells Fargo CEO Sloan told CNBC. Stumpf felt he was becoming a "distraction and a hindrance," Sloan added. Shares of Wells were higher in premarket trading.
Executive-pay tracker Equilar estimates Stumpf will walk from Wells Fargo with about $134 million, despite agreeing last month to forfeit $41 million in unvested equity. (USA Today)
Democratic Sen. Elizabeth Warren — a critic of Wall Street who grilled Stumpf at a hearing last month — tweeted the former CEO should "return every nickel he made" during the fake account period, and face a criminal investigation. (CNBC)
Deutsche Bank (DB) has introduced a hiring freeze, as the German lender seeks accelerate cut costs. The bank is working to restore investor confidence, as it faces a possible U.S. Justice Department mortgage-related fine of $14 billion. (Reuters)
Samsung shares were higher in Asia, following a three-day slide, including Tuesday's nosedive, which alone shaved $18 billion off the market cap, as the electronics giant permanently ended production of its recalled, fire-prone Galaxy Note 7 smartphones. (CNBC)
In attempt to try to keep customers, Samsung is offering Galaxy Note 7 owners in the U.S. up to $100 if they exchange their devices for "any Samsung smartphone," or $25 if they exchange their Note 7s "for a refund or other branded smartphone." (The Verge)
Snapchat parent, recently renamed Snap Incorporated, has hired investment banks Morgan Stanley and Goldman Sachs, to launch an IPO, which could hit the market as soon as the first quarter of next year. (NY Times)
As a flood of allegations against Donald Trump emerged, one of the women who says he approached her inappropriately told NBC News about two encounters similar to the behavior the GOP presidential nominee talked about in the 2005 hot mic video.
When asked about Trump's "locker room talk" defense of lewd comments on the leaked "Access Hollywood" video, NBA champion LeBron James said: "We don't disrespect women" in our locker room. "That's trash talk," added James, a Hillary Clinton supporter. (CNBC)
Trump is pulling out of the swing-state of Virginia, signaling a sharpened focus on four battlegrounds key to winning in November: Pennsylvania, Florida, North Carolina, and Ohio. (NBC News)
The British territory of Bermuda hunkered down overnight as Hurricane Nicole rapidly strengthened into a major Category 4 storm and took aim at the tiny island in the northern Atlantic Ocean. (AP)
Music legend Bob Dylan has won the Nobel Prize for Literature "for having created new poetic expressions within the great American song tradition," the Swedish Academy said today. (Reuters)
BY THE NUMBERS
The Labor Department issues its weekly report jobless claims at 8:30 a.m. ET, with forecasts calling for 254,000 new filings last week. The Labor Department, also at 8:30 a.m. ET, releases September import prices, seen rising 0.2 percent.
At 10:30 a.m. ET, the Energy Department releases its weekly look at natural gas inventories, while the holiday-delayed report on oil and gasoline supplies comes at 11:00 a.m. ET.
As investors look for more clues on whether the central bank might hike interest rates before year-end, Philadelphia Fed President Patrick Harker speaks at 12:15 p.m. ET, while Minneapolis Fed President Neel Kashkari attends a town hall meeting at 9 p.m. ET.
September brought a much-needed reprieve for the global hedge fund industry following a year of mounting criticism and investor agitation over high fees and disappointing performance.
STOCKS TO WATCH
Delta Air Lines (DAL) reported adjusted quarterly profit of $1.70 per share, beating estimates by 5 cents. However, revenue was below forecasts. Delta also said an August outage cost the airline $100 million.
CSX (CSX) reported quarterly profit of 48 cents per share, 3 cents above estimates. Revenue also beat. The railroad operator's results were hurt by a drop in freight volumes, which were still able to exceed estimates.
Pfizer (PFE) lost its appeal in a patent case over its pain drug Lyrica in a U.K. court, but said it would seek a further appeal.
Harley-Davidson (HOG) is planning to increase its emphasis on Asian sales, according to CEO Matthew Levatich, who said he was optimistic about growing the company's business in both existing and new Asian markets.
Sony (SNE) released today a virtual reality "add-on" for its Playstation 4, priced at $499. Best Buy and GameStop opened doors early to meet the high demand. Amazon was already selling out.
Amazon (AMZN) plans to more than 120,000 holiday season workers this year. Last year, the e-commerce giant hired about 100,000, with more than 14,000 staying on as full time employees.
WATERCOOLER
Starting today, all eight Harry Potter films being shown at Imax (IMAX) theatres across the country, including for the first time, "The Sorcerer's Stone" and "Chamber of Secrets." (Washington Post)
A major mall operator is giving thousands of employees at 73 locations their Thanksgiving Day back. Tennessee–based CBL & Associates plans to close nearly all of its properties until 6 a.m. Black Friday. (CNBC)