The wheels are coming off The Stagecoach. Wells Fargo swung to a big loss in the second quarter, forcing it to set aside billions of dollars to cover possible loan losses ahead as the coronavirus threw a wrench into its efforts to recover from a slew of scandals. The third-biggest US lender posted a net … Read more
Amazon’s New York warehouse workers can take extra time to wash their hands during the coronavirus pandemic without being punished, the company said. Employees at the e-commerce juggernaut’s Staten Island facility recently received an email telling them that they won’t be disciplined for not hitting their productivity goals, following months of protests and a lawsuit … Read more
Apple is asking its retail employees to help serve customers from home as the coronavirus pandemic continues to make a full reopening look unlikely any time soon. In a video recorded over the weekend, Apple’s retail chief Dierdre O’Brien encouraged employees to get comfortable helping customers over the phone. “If your store is closed, please … Read more
Introducing the new and improved Whopper — now with fewer cow farts. Burger King is serving a version of its signature sandwich made from cows that spew less methane, a nasty greenhouse gas that’s contributing to climate change. The cows that produce the special patties — which go on sale in five cities Tuesday — … Read more
JPMorgan Chase’s second quarter earnings beat analyst expectations, but its profits plunged 51 percent as the coronavirus pandemic weighed on big banks. The mega-bank on Tuesday reported net income of nearly $4.7 billion from April through June, down from about $9.6 billion in the same period last year. Its earnings per share of $1.38 were … Read more
The boss of Neiman Marcus has been getting paid lavishly to lead the swanky chain out of bankruptcy — and that’s ruffling feathers in the rank-and-file. On March 30, Geoffroy van Raemdonck — a Belgian-born luxury merchant who was named chief executive two years ago — declared he was waiving “100 percent” of his salary … Read more
PepsiCo provided an upbeat start to the second-quarter earnings season on Monday. While revenue at the food and drink giant’s North American beverage division dropped 6.6 percent, to $4.97 billion, thanks in part to restaurant shutdowns, the company saw a positive 6.6 percent surge in its snack division as consumers sheltering in place devoured more … Read more
Pershing Square Tontine Holdings, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition company, or SPAC. The firm plans to go public with 200 million units at $20 each, according … Read more
Shares of Tesla continued their seemingly endless growth on Monday, climbing as much as 14 percent as investors bet on the stock’s possible inclusion in the S&P 500 index. Tesla reports quarterly earnings next week. If it posts a profit that meets generally accepted accounting principles, it will have four consecutive profitable quarters under its … Read more
Southwest Airlines CEO Gary Kelly told employees on Monday it needs a dramatic jump in passenger demand or it will be forced to take new steps to reduce staffing. Employees face a Wednesday deadline whether to participate in a voluntary incentive program to leave the airline. “Although furloughs and layoffs remain our very last resort, … Read more