Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
Federal regulators are poised to impose a $1 billion penalty on Wells Fargo for a variety of alleged misdeeds, including forcing customers to buy auto insurance policies that they didn't need, according to people briefed on the regulatory action.
The expected penalty, levied by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, is likely to be announced Friday.
It would mark the toughest action that the Trump administration has taken against a major bank. And it is the latest blow to Wells Fargo, which for years was regarded as one of the country's best-run banks but lately has been reeling from a string of self-inflicted crises.
Read more from the New York Times:
Can training eliminate biases? Starbucks will test the thesis
Facebook's current status with advertisers? It's complicated
Southwest's fatal accident prompts scrutiny of engine inspections
President Trump has advocated a rollback of regulations on the banking and other industries. He has nominated industry-friendly officials to oversee key government agencies, including the consumer bureau, which is being run on an interim basis by Mick Mulvaney. Mr. Mulvaney has pledged to defang the agency, criticizing it for wasteful spending and overzealous oversight that is strangling banks and other lenders.
At the same time, though, Mr. Trump has pledged to be especially tough on San Francisco-based Wells Fargo. "I will cut Regs but make penalties severe when caught cheating!" on Twitter in December.
The C.F.P.B.'s portion of the $1 billion penalty is likely to represent the largest fine the agency has ever levied. The bureau was created as part of the Dodd-Frank law enacted in response to the global financial crisis.
In addition to punishing Wells Fargo for forcing auto insurance on customers, the regulatory action is expected to cite the bank for improperly charging mortgage customers and for failing to maintain adequate risk management and compliance practices, according to one of the people briefed on the action.
A Wells Fargo spokesman, Oscar Suris, declined to comment.
The bank already has been handcuffed by federal regulators. In February, the Federal Reserve barred the bank from expanding until it cleans up its internal financial and risk systems. The Fed also pushed for Wells to bring new blood onto its board of directors.
Friday's expected settlement is likely to intensify pressure on Wells Fargo's chief executive, Tim Sloan. Mr. Sloan, a veteran of the bank, took over as C.E.O. after his predecessor, John Stumpf, resigned after the eruption of a scandal involving Wells Fargo's creation of fake accounts.