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
Wells Fargo needs a new CEO because John Stumpf won't be able to get the banking giant back on track after the phony account scandal, House Financial Services member Gregory Meeks told CNBC on Friday.
A day after his fiery questioning of Stumpf on Capitol Hill, the New York Democrat said Wells Fargo must restore confidence. "The only way, I think, that you can do that at this point is have a new CEO. He is not the one to restore confidence."
In an interview on "Squawk Box," Meeks said Stumpf was much better prepared for the House Financial Services Committee hearing than he was for last week's grilling before the Senate Banking Committee.
The bank announced on Tuesday that Stumpf agreed to forfeit about $41 million in unvested equity. Stumpf will also forgo his salary while the board investigates the matter. "It's not enough," Meeks said.
The scandal came to light earlier this month when Wells Fargo agreed with regulators to pay $185 million to settle charges that fee-generating accounts were opened for unsuspecting customers by employees looking to hit sales targets and bonuses.
Wells Fargo also announced Tuesday Carrie Tolstedt, the former head of the community banking division where employees opened as many as 2 million unauthorized customer accounts, has left the company and would not receive a severance payment.
Tolstedt forfeited about $19 million in outstanding unvested equity awards, and would not exercise her outstanding options during the independent board investigation. She had been expected to retire at the end of the year, according to a July announcement by the bank.
The bank said it fired about 5,300 employees over a multiyear period for engaging in such practices. But Meeks told CNBC that bank executives also need to be held accountable, not just the "low level employees" who were dismissed.
Regulators need to make sure these type of practices are not happening at other banks, Meeks said.
The congressman added he does not advocate the notion of breaking up the banks to make them more manageable. "That's not the solution. The solution is to get integrity there them and fix them because they're so important to our economy."