After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately tells business executives and free traders that trade war could end by 2020 election. He also noted there continues to be hurdles for...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Urban Outfitters reported earnings and same-store sales for the second quarter that beat analyst expectations, while revenue fell short.Retailread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
President Donald Trump renewed calls Tuesday to readmit Russia to the G-7 ahead of the group's summit in Biarritz, France, this weekend.Politicsread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
Wells Fargo's head of consumer lending was fired this week over a communication he had with another former executive about that person's firing.
The San Francisco-based bank said Friday that Franklin Codel, a senior executive vice president who had been promoted to the position as head of Consumer Lending only last year, was dismissed, effective immediately. The dismissal, the bank said, was because Codel acted "in a manner that was contrary to the company's policies and expectations of its senior leaders."
The bank wouldn't get more specific about the nature of the communication. Reached by phone Codel would only say, "I'm proud of my career at Wells Fargo."
Codel oversaw 45,000 workers in home lending, auto dealer services, personal lending and personal insurance. Wells Fargo is the nation's biggest mortgage lender and servicer. The executive, based in Iowa, joined Wells in 1993 and was head of home lending from 2015 to 2016, when he was promoted to head consumer lending in a big management shuffle.
Wells is still reeling from the fallout of a fake account scandal that cost its former CEO and other executives their jobs after it was discovered workers had created millions of accounts without customer approval or knowledge in order to achieve internal sales goals.
Wells said Friday the dismissal didn't involve the business or operations of the consumer lending operations and was not related to sales practices. It said a permanent successor will be named by the end of the year.
"Difficult as this situation is, the decision reflects our commitment to our values and culture and to executive accountability," said Tim Sloan, Wells Fargo's president and CEO. "We have a strong team in Consumer Lending and I am fully confident that the transition will be smooth and that its businesses will continue to operate normally in serving our customers."