Wells Fargo leader steps down

Wells Fargo chairman and chief executive John Stumpf is stepping down from both roles, effectively immediately.

This as the bank’s sales tactics scandal continues to roil the firm.

Stumpf will be replaced by president and chief operating officer Timothy Sloan, who was widely expected to succeed Mr. Stumpf when he retired in the future.

The bank has been under fire for more than a month after agreeing in early September to pay a $185 million settlement with regulators and a city official for opening as many as 2 million accounts without customers’ knowledge.

Stumpf will leave with 137 million dollars.

Haggling when you buy a car could be on the way out.

A Harvard business school study found the decades old practice has left too many with a bad taste and shoppers are looking for alternatives.

It’s helped by companies like Costco and Tesla which sell vehicles at set prices.

Stocks were little changed on the day.

The big news was that the minutes from the most recent Federal Reserve meeting showed an interest rate hike is coming “soon.”

The Dow closed up 15 points.

Haunted houses and hayrides are getting more elaborate and many small players just can’t afford to run the businesses anymore.

There’s insurance, government regulations and rent.

One industry expert says unless someone puts a hundred thousand dollars into the attraction and 30-thousand to market it, it’s tough to make it.

Haunted attractions at theme parks are also pulling away visitors.

The AMC Pacer from Wayne’s World is for sale.

If you’ve seen the 1992 movie, it’s the car in the Bohemian Rhapsody scene.

It’s up for sale at Barrett-Jackson’s Las Vegas Auction, and, following a full restoration, it appears to be in totally gnarly condition.

For more business headlines from Jane King at the Nasdaq, watch Daybreak Monday through Friday.

Categories: Daybreak, Morning Business Report

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