- WFCAssociated Press•5 hours ago
Newly appointed Wells Fargo CEO Tim Sloan told employees Tuesday that he is "sorry for the pain" that the bank's employees have suffered as a result of the company's sales practices scandal. In the speech, Sloan acknowledged that the bank did not respond to the problems in its branches soon enough and that upper management dodged responsibility for the bad behavior and wrongly placed blame on branch employees. Wells Fargo is enveloped in the biggest scandal in its 164-year history, which earlier this month forced the abrupt retirement this month of its CEO, John Stumpf .
- BusinessThe Street•10 hours ago
Heavy equipment maker Caterpillar ( CAT) took the wrecking ball to its 2016 results, bringing down sentiment about the health of the world economy in the process. Caterpillar reported Tuesday a third-quarter profit of $283 million on sales of $9.2 billion, down from a revised $559 million profit on $11 billion in sales in the same quarter a year prior. On a per-share basis and excluding restructuring costs, the company made 85 cents, beating a forecast of 76 cents but warned for a second time in 2016 that full-year revenue was likely to come in below expectations. For the full year, Caterpillar said it now expects sales of $39 billion compared to previous guidance of between $40 billion and $40.5 billion.
- financeNicole Sinclair•13 days ago
Many Wall Street analysts point to the expensive market—especially amid uncertain times—as a key reason for downside ahead.