A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo A leading U.S. bank regulator on Friday reversed course and positioned the agency to claw back pay of former executives at Wells F... More »
An Audi logo is seen at the Mondial de l’Automobile, Paris auto show, during media day in Paris, France, September 30, 2016. REUTERS/Jacky Naegelen Audi cars with automatic transmissions have technology capable of distorting emissions when they are tested, Vol... More »
William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid Billionaire investor William Ackman on Thursday said he has had an “extremely const... More »
Hans Dieter Poetsch, chairman of the Volkswagen AG supervisory board, addresses a news conference at the headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke German prosecutors confirmed on Monday they are investigating Volkswagen AG’s... More »
The headquarters of the Brazil’s largest fixed-line telecoms group Oi, is pictured in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes Bernal More »
A Wells Fargo bank is seen in Del Mar, California January 17, 2012. REUTERS/Mike Blake Wells Fargo & Co (WFC.N) has fired hundreds of employees with Wall Street licenses for improper sales practices, three U.S. senators said on Thursday. More »
The logo of Chipotle Mexican Grill is seen at a restaurant in Paris, March 7, 2016. REUTERS/Charles Platiau Bayliss and Lisa Baertlein More »
The MetLife building is seen in New York, March 8, 2010. REUTERS/Shannon Stapleton/File Photo The U.S. government and the country’s largest life insurer are set for a rematch in a U.S. appeals court on Monday over how federal regulators decide a company is “to... More »
Eaton Vance Corp on Friday said it will take over Calvert Investment Management, once a trailblazer in socially responsible investing that lately has struggled with customer withdrawals and mispriced bonds. More »
A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo A British court ruled on Friday in favor of Goldman Sachs in a $1.2 billion dispute with Libya’s $67 billion sovereign wealth fund over deri... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo – RTSNP7O Wells Fargo & Co (WFC.N) CFO John Shrewsberry said on Friday he has not considered giving back bonuses he has earned fol... More »
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files JPMorgan Chase (JPM.N) and Citigroup (C.N) trounced third-quarter estimates on Friday on a sharp rebound in trading revenues whil... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co’s decision not to introduce new names onto its board or into the ranks of its senior management in the wake of a ... More »
Britain’s Prime Minister Theresa May gives her speech on the final day of the annual Conservative Party Conference in Birmingham, Britain, October 5, 2016. REUTERS/Toby Melville/File Photo Prime Minister Theresa May criticized Britain’s finance industry for fa... More »
An empty reception area at Falcon Private Bank office in Singapore October 11, 2016. REUTERS/Edgar Su Singapore’s central bank on Tuesday shut down a second Swiss bank in the city-state and fined banks DBS and UBS in its biggest crackdown on alleged money-laun... More »
Marines patrol a polling station during municipal elections in Sao Luis, Brazil, October 2, 2016. REUTERS/Ueslei Marcelino Brazilian political parties implicated in the massive Petrobras corruption scandal, including that of President Michel Temer, suffered ma... More »
A Yahoo logo is pictured in front of a building in Rolle, 30 km (19 miles) east of Geneva, December 12, 2012. REUTERS/Denis Balibouse/File photo Yahoo’s disclosure that hackers stole user data from at least 500 million accounts in 2014 has highlighted shortcom... More »
Warren Buffett, Chairman, CEO and largest shareholder of Berkshire Hathaway takes part in interviews before a fundraising luncheon for the nonprofit Glide Foundation in New York September 8, 2015. REUTERS/Lucas Jackson/File Photo Warren Buffett, chairman of Be... More »
Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Thursday that investors sh... More »
Wells Fargo CEO John Stumpf testifies before the House Financial Services Committee on Capitol Hill in Washington, DC, U.S. September 29, 2016. REUTERS/Gary Cameron U.S. lawmakers called on Thursday for Wells Fargo & Co chief John Stumpf to resign and a top Ho... More »
The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst Och-Ziff Capital Management Group LLC will pay $412 million and CEO Daniel Och will pay $2.17 million to resolve... More »
An Amgen sign is seen at the company’s office in South San Francisco, California in this October 21, 2013 file photo. REUTERS/Robert Galbraith/Files The line dividing makers of brand-name drugs and copycat medicines is blurring as companies known for innovativ... More »
The headquarters of Germany’s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo Deutsche Bank (DBKGn.DE) will solve its problems without relying on help from Berlin, Germany’s flagship lende... More »
Reflections are seen in the windows of a Bank of America branch in New York, U.S. on October 8, 2008. REUTERS/Lucas Jackson/File Photo Bank of America (BAC.N) is set to cut about two dozen investment banking (IB) jobs in Asia, including some top dealmakers sta... More »
A Yahoo logo is seen on top of the building where they have offices in New York City, U.S., July 25, 2016. REUTERS/Brendan McDermid Yahoo (YHOO.O) on Friday faced pointed questions about exactly when it knew about a cyber attack that exposed the email credenti... More »
A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau Thailand is studying plans to toughen tax collection rules for internet and technology ... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking The House of Representatives Financial Services committee plans to hold a hearing into Wells Fargo & Co next week after a scandal at the bank involving as many ... More »
Leon G. Cooperman Chairman, Omega Advisors, speaks on a panel discussion at the annual Skybridge Alternatives Conference (SALT) in Las Vegas May 9, 2013. REUTERS/Rick Wilking On Oct. 5, the U.S. Supreme Court will hear oral arguments on a question that has cre... More »
A federal appeals court on Friday rejected an investor’s attempt to revive lawsuits accusing major U.S. exchanges of selling early access to market data to high-frequency traders, the subject of Michael Lewis’ 2014 best-seller “Flash Boys.” More »
Wells Fargo CEO John Stumpf testifies before a Senate Banking Committee hearing on the firm’s sales practices on Capitol Hill in Washington, U.S., September 20, 2016. REUTERS/Gary Cameron Wells Fargo & Co’s (WFC.N) board hired law firm Shearman & Sterling LLP ... More »
Endo International Plc (ENDP.O) said Chief Executive Rajiv De Silva had stepped down and would be replaced by generics division head Paul Campanelli, as the drugmaker grapples with a large debt load and mounting pressure on some of its drug prices. More »
Time Inc. CEO Joe Ripp (2nd L) claps after ringing the bell to open trading at the New York Stock Exchange in New York June 9, 2014. REUTERS/Carlo Allegri Time Inc, publisher of Sports Illustrated, People and Time magazines, appointed Rich Battista as its chie... More »
Warren East, CEO of Rolls-Royce, poses for a portrait at the company aerospace engineering and development site in Bristol, Britain December 17, 2015. REUTERS/Toby Melville/File Photo Rolls-Royce (RR.L) said on Sunday it is cutting more than 200 management job... More »
New autopilot features are demonstrated in a Tesla Model S during a Tesla event in Palo Alto, California. REUTERS/Beck Diefenbach Mobileye NV said in a U.S. securities filing on Friday that its top executives were assured by Tesla Motors Inc Chief Executive El... More »
The logo on a Wells Fargo bank building is seen in downtown San Diego, California March 18, 2014. REUTERS/Mike Blake A phantom account scandal at Wells Fargo & Co has put the U.S. bank’s disclosure policies under a harsh spotlight. More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank o... More »
Time Inc. CEO Joe Ripp (2nd L) claps after ringing the bell to open trading at the New York Stock Exchange in New York June 9, 2014. REUTERS/Carlo Allegri Time Inc, publisher of Sports Illustrated, People and Time magazines, appointed Rich Battista as its chie... More »
A logo of Monte dei Paschi di Siena bank is seen on the ground in Siena, Italy, November 5, 2014. REUTERS/Giampiero Sposito/File Photo – RTX2ORXD The European Central Bank has given a preliminary nod to the possible appointment of Marco Morelli, head of Bank o... More »
People walk past a building that lists offices for Gawker Media in New York City, U.S., June 10, 2016. REUTERS/Brendan McDermid Univision Communications Inc said on Saturday it has deleted postings subject to active litigation against Gawker Media Group Inc to... More »
The Democratic National Committee on Friday said it settled part of a federal lawsuit over the actions of Arizona poll officials during the presidential primary that caused voters long waits and critics said disenfranchised some, especially minorities. More »
The offices of Pacific Investment Management Co (PIMCO) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake Bond fund manager Bill Gross on Friday said Pacific Investment Management Co and its lawyers should be punished for unfairly imped... More »
A logo of Monte dei Paschi di Siena bank is seen on the ground in Siena, Italy, November 5, 2014. REUTERS/Giampiero Sposito/File Photo Italian bank Monte dei Paschi plans to appoint a new chief executive in the next few days to lead a 5 billion-euro ($5.6 bill... More »
FILE PHOTO — The logo of Brazil’s largest fixed-line telecoms group Oi is seen inside a shop in Sao Paulo October 2, 2013. REUTERS/Nacho Doce/File Photo Brazilian telecom provider Oi SA is set to file its bankruptcy reorganization plan with a Rio de Janeiro co... More »
Switzerland’s Falcon Private Bank has appointed ex-Credit Suisse executive Walter Berchtold as chief executive to replace Eduardo Leemann, the wealth manager said on Thursday, confirming what sources earlier told Reuters. More »
Over the past two years, a growing number of U.S. banks has capped their directors’ earnings, but the ceilings are so high that they primarily serve to fend off potential shareholder litigation rather than control the pace of pay increases. More »
A logo for mining company BHP Billiton adorns a sign outside the Perth Convention Centre where their annual general meeting was being held in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo The U.S. Securities and Exchange Commission... More »
An Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. REUTERS/Robert Galbraith/File Photo Bayliss More »
A Texas wealth management firm U.S. regulators said grew too fast to supervise agreed to pay more than $2 million in fines and restitution to settle charges its senior management failed to rein in partner offices where brokers were churning accounts. More »
A sign for the Securities and Exchange Commission (SEC) is pictured in the foyer of the Fort Worth Regional Office in Fort Worth, Texas June 28, 2012. REUTERS/Mike Stone (Story corrects paragraph 4 to show a Minnesota county municipal finance official did not ... More »
Arianna Huffington, president and Editor-in-Chief of The Huffington Post Media Group attends a session at the World Economic Forum (WEF) in Davos January 25, 2014. REUTERS/Denis Balibouse Huffington Post co-founder Arianna Huffington said on Thursday she would... More »
By Malathi Nayak More »
By Richard Leong and Ross Kerber | NEW YORK/BOSTON NEW YORK/BOSTON Legg Mason Inc’s Bill Miller, whose mutual fund beat the S&P 500 handily for 15 consecutive years at the turn of the century, is riding off into the sunset after his recent lagging returns left... More »
NEW YORK Wells Fargo & Company named David Kowach to head its retail wealth management division, Wells Fargo Advisors, the nation’s third-largest brokerage, on Thursday. Kowach was promoted from his job overseeing roughly 11,000 brokers in the bank’s Private C... More »
NEW YORK/SAN FRANCISCO U.S. prosecutors have opened a criminal investigation into Valeant Pharmaceuticals International Inc (VRX.N) over whether it hid from insurers its relationship with a specialty pharmacy that helped boost its drug sales, the Wall Street J... More »
DOVER, Del. Embattled investor Lynn Tilton defended herself in a Delaware court on Wednesday against allegations that she had not disclosed the complex holdings of $2.5 billion distressed debt funds that she lost control of this year. The flamboyant Tilton tes... More »
NEW YORK A former aide to Chris Christie said in a text message that the New Jersey governor “flat out lied” when he said senior staff members were not involved in the “Bridgegate” scandal in 2013, according to a court filing on Wednesday. The details were rev... More »
NEW YORK A federal appeals court on Wednesday rejected a new bid by five former employees of Bernard Madoff’s firm to overturn their convictions for helping their boss conceal his Ponzi scheme, which cost customers more than $17 billion. The order by the 2nd U... More »
NEW YORK Big U.S. brokerages are redefining the term “wealthy” in their pursuit of ever-richer clients to prop up margins eroded by historically low interest rates and growing regulatory burdens. Brokerages owned by Morgan Stanley, Bank of America Corp and Wel... More »
SINGAPORE Singapore’s central bank said it will enhance controls against money laundering and take swift action against banks following damaging findings that financial institutions in the city-state handled money flows linked to Malaysian state fund 1MDB. “Th... More »
JAKARTA The Indonesian government will start the implementation of its tax amnesty program on Monday, more than two weeks after parliament passed the law in an effort to bring home funds stashed abroad, a tax official said. The country’s finance minister will ... More »
Roger Ailes, chairman and CEO of Fox News and Fox Television Stations, answers questions during a panel discussion at the Television Critics Association summer press tour in Pasadena, California July 24, 2006. Picture taken July 24, 2006. REUTERS/Fred Prouser/... More »
BERLIN Volkswagen AG (VOWG_p.DE) should offer European drivers similar compensation to what the German carmaker is expected to pay U.S. customers, Europe’s Industry Commissioner Elzbieta Bienkowska told a newspaper on Sunday. “Volkswagen should voluntarily pay... More »
TORONTO TransCanada Corp is formally requesting arbitration over U.S. President Barack Obama’s rejection of the Keystone XL pipeline, seeking $15 billion in damages, the company said in legal papers dated Friday. TransCanada submitted a notice for an arbitrati... More »
NEW YORK Former professional wrestler Hulk Hogan, whose lawsuit against Gawker Media LLC precipitated its bankruptcy, will serve on the committee of unsecured creditors, according to a court filing. The U.S. Trustee, a bankruptcy watchdog, appointed Hogan to t... More »
LONDON Britain’s 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, an upheaval that threatens London’s dominance of finance. The ‘Vote Leave’ campaign fron... More »
SINGAPORE Singapore’s central bank, which has ordered Swiss private bank BSI to close its local operations, said on Friday BSI’s appeal to a Swiss court against a decision by Switzerland’s financial watchdog has no bearing on regulatory action in Singapore. In... More »
PARIS Gangs of masked youths smashed windows and hurled stones at riot police as thousands of people marched through Paris on Tuesday in protest at a planned change of labor laws that would make hiring and firing easier. Police fired dozens of volleys of tearg... More »
Tony Fadell, a well-known Silicon Valley executive who was once expected to play a central role in Alphabet Inc’s hardware efforts, has stepped down as chief executive of the search giant’s Nest unit, the company said. Fadell will remain an adviser to Alphabet... More »
Facebook Inc’s (FB.O) board has proposed removing Mark Zuckerberg’s majority voting control in the event of the social media giant’s chief executive and founder deciding to exit management at some point in future. In a proxy filing with the U.S. Securities and... More »
Media mogul Sumner Redstone has removed Viacom (VIAB.O) CEO Philippe Dauman and Viacom board member George Abrams from the seven-person trust that will determine the fate of both Viacom and CBS (CBS.N) in the event of his incapacitation or death, two people fa... More »
Sumner Redstone has the power to remove Viacom Inc (VIAB.O) Chief Executive Philippe Dauman, but not his daughter Shari, from the trust that will control his $40 billion media empire after his incapacitation or death, according to two sources familiar with the... More »
LONDON HSBC (HSBA.L), Europe’s largest bank, started laying off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. Most of th... More »
SAN FRANCISCO Warren Buffett struck media gold with a 2012 investment in debt-laden Media General Inc. Now the famed investor may try to reprise that success by supporting a bid for Yahoo Inc’s Internet assets. The Berkshire Hathaway Inc chairman is backing a ... More »
NEW YORK Dan Loeb’s hedge fund Third Point LLC bought more than a half a million Class A share position of Google parent Alphabet Inc, according to a Securities and Exchange Commission filing late Friday. Third Point took a new stake of 700,000 Alphabet shares... More »
LAS VEGAS Swaggering hedge fund managers, long known for ignoring client complaints during years of strong performance, are trying something new: listening. The shift was evident at the annual SkyBridge Alternatives Conference in Las Vegas this week, where a g... More »
ANKARA Tayyip Erdogan’s ambitions for a swift move to strong presidential rule could suffer if dissidents in Turkey’s nationalist opposition succeed in a party leadership challenge that could bolster their party’s electoral support. A bid by several hundred me... More »
BEIJING Baidu Inc’s CEO has called on employees to put values before profit in response to a scandal around the death of a student who underwent an experimental cancer treatment he found on the company’s search website. Before his death, student Wei Zexi, 21, ... More »
Viacom Inc’s board is considering whether to further cut the pay of its Chairman Emeritus Sumner Redstone, the Wall Street Journal reported, citing people familiar with the matter. Viacom and CBS Corp board members are also planning to visit Redstone, the chai... More »
LOS ANGELES Media mogul Sumner Redstone never set foot in the Los Angeles courtroom where his mental competency was on trial in recent days. But the 92-year-old billionaire had the final word on Monday when Judge David Cowan, citing blunt videotaped testimony ... More »
The online marketplace Groupon Inc has sued IBM Corp, accusing it of infringing a patent related to technology that helps businesses solicit customers based on the customers’ locations at a given moment. Groupon filed its lawsuit on Monday with the federal cou... More »
Newspaper publisher Tribune Publishing Co (TPUB.N) said its board had adopted a shareholder rights plan – popularly known as a “poison pill” – in a bid to thwart Gannett Co Inc’s (GCI.N) unsolicited takeover offer. Tribune shares fell nearly 6 percent in morni... More »
(Note language in third paragraph. Rewrites with further quotes from court, background on Viacom) By Lisa Richwine LOS ANGELES A judge called Sumner Redstone’s deposition “strong evidence” that the media mogul knew what he was doing when he ejected an ex-girlf... More »
TOKYO Mitsubishi Heavy Industries Ltd (7011.T) on Monday said it was too early to decide whether to offer support to sister company Mitsubishi Motors Corp (7211.T), which is facing a financial hit after admitting to falsifying fuel economy data on its vehicles... More »
NEW YORK Argentina’s celebrated $16.5 billion return to international capital markets last week was the final mile of a tortured 14-year path from historic default through the U.S. court system. Along the way, the saga included a death threat against a judge, ... More »
NEW YORK A New York lawyer was sentenced on Thursday to six months in prison for participating in a fraudulent scheme in which a con man impersonated his successful father in order to raise money to buy Maxim magazine. Harvey Newkirk, 40, was sentenced by U.S.... More »
LOS ANGELES A California judge declined to order a deposition of Sumner Redstone after lawyers for the 92-year-old media mogul said on Thursday they do not plan to call him to testify at a trial over his mental competence. Attorneys for Redstone’s former girlf... More »
NEW YORK Talks aimed at settling a lawsuit questioning the competency of media mogul Sumner Redstone have hit an impasse and attorneys are rescheduling the depositions of key players, an attorney for Redstone’s former girlfriend, who brought the lawsuit, said ... More »
Ailing Viacom Inc (VIAB.O) controlling shareholder Sumner Redstone opposes Chief Executive Officer Philippe Dauman’s plan to sell a minority stake sale in Viacom’s Paramount Pictures movie studio, the Wall Street Journal reported on Monday. The report added to... More »
(This version of the April 4th story fixes spelling of analyst name in 13th paragraph) By Joshua Franklin ZURICH On Jan. 19, Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam contacted the head of the Swiss bank’s markets business asking for more details ab... More »
SINGAPORE Scanning a bank statement into a computer may not sound particularly high-tech, but it’s unsettling some of Asia’s private bankers. By aggregating all the monthly statements mailed to high net worth individuals on the multiple accounts they hold at d... More »
BERN/GENEVA Banking watchdogs across Europe have begun checking whether lenders have ties to a massive document leak from Panama that showed how offshore companies are used to stash clients’ wealth. Switzerland’s financial watchdog FINMA said on Thursday that ... More »
LISBON Portuguese Culture Minister Joao Soares resigned on Friday, a day after threatening to slap critics who had called him incompetent and rude. A post on his Facebook page saying he wanted to slap two newspaper columnists, followed by what was seen as a ha... More »
Lawyers for Viacom Inc Chairman Emeritus Sumner Redstone are in talks to settle a lawsuit challenging the 92-year-old media mogul’s mental competency, people familiar with the situation said on Tuesday. Depositions of Viacom Chief Executive Officer Philippe Da... More »
