- 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. 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. The results continue a bad run for Caterpillar, which has attempted to weather weakness in the commodity and energy markets that has led to more than three years of flat to down month-over-month sales by slashing 20% of its global workforce and restructuring its operations.
- 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.