Slack pursued an unusual direct listing, meaning it did not have banks underwrite the offering.CNBC Disruptor 50read more
Oil jumped as much as 6% on Thursday after Iran shot down a U.S. military drone, prompting President Trump to blast Tehran on Twitter.Energy Commoditiesread more
For doubters thinking the rally is just a last gasp of the decade-long bull market, chart analysts are here to prove them wrong.Marketsread more
President Donald Trump on Thursday told reporters that "you'll soon find out" whether the U.S. will strike Iran.Politicsread more
The billionaire investor believes the stock market is in a "zone of fair value" at current levels.Marketsread more
"I think there's a deceleration in the economy to the point where the railroads, the airlines, the companies, the lenders are all admitting that there's deceleration," says...Investingread more
Apple said in a letter released Thursday that tariffs could hurt its ability to compete globally.Technologyread more
Stocks gave back most of their gains on Thursday after the S&P 500 reached a record earlier in the day.US Marketsread more
J.J. Abrams is teaming up with his son Henry to create a five-part Spider-Man comic book series for Marvel Entertainment.Entertainmentread more
Trump tweets after an Iranian surface-to-air missile shot down a U.S. military surveillance drone in what the U.S. calls an "unprovoked attack."Politicsread more
National Securities' Art Hogan sees the U.S.-China trade war as the market's biggest risk – not Fed policy.Trading Nationread more
Wells Fargo's last CEO may have mishandled the cross-selling scandal, but investors did well otherwise during his tenure, the company's chairman, Stephen Sanger, told CNBC.
However, that was not even a quarter of the total $286 million in compensation he acquired during the 2011-2016 period that encompassed the time during which the scandal emerged publicly.
In a live interview, Sanger pointed out that the total amount was still the greatest "clawback" in financial services history.
"During his nine years as CEO, the market cap of Wells Fargo grew by $100 billion. That's almost double," he said. "The shareholders benefited greatly from John's leadership."
"A $69 million clawback is a remarkable show of accountability for someone who generated that much of an increase in market capitalization," Sanger added.
The clawbacks were just part of the fallout from the scandal that resulted from aggressive sales practices at Wells Fargo that pushed employees into signing up customers for multiple products. Sales quotas have since been abandoned.
In addition to Stumpf, community bank chief Carrie Tolstedt also has come under fire. A board-commissioned report obtained by CNBC details the various factors that led to the scandal.
Sanger said that the community bank exerted "excessive sales pressure" on employees and that Tolstedt was "responsible for all that." Stumpf "didn't press hard enough on Carrie" after finding that there was a problem with the sales goals and the behavior they inspired.
However, he said that new CEO Tim Sloan has done a good job of changing the corporate culture through multiple reforms that make accountability more centralized.
"I think we've addressed the main core issue of structure that led to the problem," Sanger said.