President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Thousands of staffers who were fired in recent years after opening unauthorized customer accounts represented under-performing employees struggling to meet goals, Wells Fargo CFO John Shrewsberry said Tuesday.
"These bad practices were not a revenue-generating activity," Shrewsberry said. "It was really more at the lower end of the performance scale where people apparently were making bad choices to hang on to their job."
Speaking at the Barclays 2016 Global Financial Services Conference in New York, Shrewsberry told attendees the bank's plans to eliminate retail banking product sales goals would help it foster a culture of compliance. He spoke days after the bank was $185 million fined by the Consumer Financial Protection Bureau, the Treasury Department and the city of Los Angeles.
At the conference Tuesday the bank said its review of millions of accounts showed that in as many as 1.5 million deposit accounts and 565,000 credit card accounts, "we could not rule out the possibility that an account was unauthorized." It said 115,000 of those accounts had incurred a fee that Wells Fargo has since refunded to customers. Wells Fargo reviewed 82 million checking accounts and 11 million credit cards as part of its inquiry into the matter, which covered activity dating to 2011.
Of more than 5,300 staffers cut in recent years for opening unwanted accounts, about 10 percent represented branch managers or more senior staffers, Shrewsberry said in response to a question at the event.
The bank has tightened compliance procedures, including sending customers an e-mail to verify an account has been established within one hour of a deposit account being opened, according to Wells Fargo's presentation. In addition, after the CFPB fine was announced, Wells Fargo has prepared for inbound inquires from consumers about their accounts.
Shrewsberry said customers seemed to have mostly taken the news in stride because there has been "a very, very low volume of customer reaction since it happened."
While customers may be forgiving, the market has not been: Wells Fargo shares fell more than 5 percent since the scandal broke Thursday. On Tuesday, it was down 3 percent. (Click here for the latest price.)
CEO John Stumpf is being sought by Senate Democrats who want to hold a hearing regarding the bank's sales practices.
Programming note: Wells Fargo CEO John Stumpf will appear on CNBC's "Mad Money" on Tuesday at 6 p.m. ET.