Wells Fargo is clawing back millions from its CEO; Google’s plan to take over public wi-fi, and more news.
Isabelle Roughol
Building news organisations where people love to work｜Journalist & media executive｜Public historian
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Wells Fargo’s board is remembering what boards do now. Following the bank’s fraudulent sales scandal, it’s making CEO John Stumpf forfeit $41 million in unvested equity and forgo his salary during the investigation and bonus for 2016. Former head of retail banking Carrie Tolstedt is also forfeiting $19 million and retiring early.
SABMiller is losing its maiden name. The brewer will be absorbed into Anheuser-Busch InBev in the $104 billion acquisition shareholders approved today.
RBS has agreed to pay $1.1 billion to settle an investigation into its mortgage-backed securities practices.There are two more major investigations it must address before it can start paying dividends to shareholders again.
Israeli statesman Shimon Peres died at 93. He had won the 1994 Nobel Peace Prize with Yitzhak Rabin and Yasser Arafat for their work signing the Oslo peace accords.
And the world’s most competitive country is… Switzerland. Wages are through the roof there, but so is productivity, earning the country its eighth straight win. Singapore and the US round up the top 3 in the WEF rankings, and India has leaped forward again.
You get nothing for nothing. Google is working on a plan to offer public wi-fi in cafés and malls, unifying a disparate network of hotspots under one banner. To access it, you'd use — of course — your Google account.
The biggest idea in our lifetime. My colleague Lorraine Lee touched on it last night but let’s take a minute to really appreciate Elon Musk’s plan to travel to, terraform and colonize Mars. A rocket would take an Interplanetary Transport System into orbit and return to Earth for immediate reuse, while the ITS deploys its solar panels and heads to the red planet. Elon Musk wants to start sending humans there in 2022 for $200,000 a pop. He sees two alternatives for humans: stay on Earth, keep messing it up and face extinction, or become a multi-planetary species. Yes it’s overly optimistic, unfunded, still lacking in details and presents a significant risk of death, but it’s not just another photo filter, is it?
“The reason I am personally accruing assets is to fund this. I really have no other purpose than to make life interplanetary.”
- Elon Musk, CEO and founder of SpaceX
Head of Information Security Engineering Unit
8 年x4
Independent Business Owner Buying small homes and reselling. Keeping up with the Stock Market
8 年Ignorant or not ignorant of and the fate of 5300 employees.
CEO @ Great Chrisfon Investments Nig Ltd
8 年We are in a were some do wrong and innocent ones pay for it let prosecutor do their job.
Project Manager at Apple
8 年God knows how many lower rank and poor branch manages were fired so he can show that they are taking action to correct this.
FP&A | Power BI | Data Storyteller
8 年They will eliminate jobs and/or reduce wages. What Wells is saying is that they don't need salespeople. Will other big banks follow suit?