Reuters US Business

By Bianca Flowers (Reuters) -Caterpillar Inc said on Thursday its board had waived the policy requiring Chairman and Chief Executive Officer Jim Umpleby to retire at age 65. Caterpillar follows Target Corp, which last month scrapped its retirement policy so that CEO Brian Cornell can stay at the retailer’s helm. Umpleby, 64, assumed the role …

Caterpillar CEO to continue in post after company waives retirement policy Read More »

(Reuters) – Fintech startup Aspiration, backed by Hollywood celebrities Robert Downey Jr and Leonardo DiCaprio, on Thursday announced the appointment of Olivia Albrecht as its new Chief Executive Officer. Albrecht, who joined the company earlier this year as Chief Sustainability Officer, succeeds Aspiration co-founder Andrei Cherny who served as CEO for nine years. Cherny will …

Leonardo Dicaprio-backed fintech Aspiration names new Chief Executive Officer Read More »

(Reuters) -Democratic U.S. Senator Elizabeth Warren criticized Wells Fargo & Co for failing to protect its customers from fraud and scams on Zelle, a digital payments platform owned by seven of the biggest U.S. banks. In a letter dated Oct. 6 but made public on Thursday, Warren told Wells CEO Charles Scharf the “alarming pattern” …

Wells Fargo failing to protect customers from Zelle scams -Senator Warren Read More »

By Raphael Satter (Reuters) -Ephemeral messaging app Snap had employee data exposed by a breach at a third-party document analysis firm, according to a document reviewed by Reuters on Thursday. Snap said it had been told by document analysis company Elevate that an unauthorized party had accessed some of Elevate’s computer systems in March 2022, …

Snap employee data exposed after breach at document company Elevate -letter Read More »

By Jody Godoy NEW YORK (Reuters) -A federal prosecutor on Thursday urged jurors to convict Nikola Corp founder Trevor Milton of fraud, calling him a “con man” who lied about the low-emission vehicle company to defraud ordinary investors. The prosecution and defense delivered their closing arguments in Milton’s New York City trial, which began last …

Nikola founder was a ‘con man,’ U.S. prosecutor tells jurors Read More »

NEW YORK (Reuters) -Leaders from U.S. banking giants on Thursday said strict capital requirements, which were bolstered after the 2008 financial crisis, could restrain economic activity. Higher capital requirements for big banks may curb lending and amplify a potential recession, Citigroup Chairman John Dugan told attendees at the Institute of International Finance conference in Washington. …

JPMorgan, Citigroup say higher capital requirements may hurt lending Read More »

By Fergal Smith TORONTO (Reuters) – Canada’s main stock index rose on Thursday, rebounding from its lowest intraday level in 20 months, as investors covered short positions that they had put in place in anticipation of hot U.S. inflation data. The Toronto Stock Exchange’s S&P/TSX composite index ended up 407.35 points, or 2.2%, at 18,613.63, …

Short covering helps ‘oversold’ TSX snap losing streak Read More »