Wells Fargo CEO resigns from Fed advisory panel
Wells Fargo CEO John Stumpf quits the Federal Reserve advisory council amid the bank’s fake accounts scandal. Senators urged against reappointment as the 2 million unauthorized accounts case and a $185 million settlement draw scrutiny from regulators and lawmakers.
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Marriott completes $13 billion Starwood merger in 2015
Marriott International closed on its $13 billion acquisition of Starwood Hotels & Resorts Worldwide to form the largest hotel group. The deal merges Marriott, Courtyard, Ritz Carlton with Starwood brands including Sheraton Westin and St Regis, creating 5,700+ properties across 110 countries and linking loyalty programs Starwood Preferred Guest with Marriott Rewards.
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Yahoo breach hits 500 million accounts in record theft
Yahoo disclosed a Thursday breach that exposed sensitive data from at least 500 million accounts. The hack compounds the company’s long running declines in users, traffic, and ad revenue as rivals like Google and Facebook gain. Millions remain at risk of identity theft and related harm.
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Tech shares lead decline as oil sinks and indexes slip
U S stock indexes closed lower after three days of gains with the Dow down 131.01 points to 18261.45 and the S&P 500 at 2164.69 while the Nasdaq fell 33.78 to 5305.75. Technology names like Yahoo Twitter and Facebook weighed on markets as oil dropped and Fed rate timing lingered. Facebook dropped 2.12 to 127.96 amid worries over video ad view metrics and possible revenue impact.
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