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Bloomberg Wells Fargo & Co Chief Executive Officer Tim Sloan gave in to critics and abruptly stepped down, after the 31-year company veteran struggled to tame a range of scandals, launching the fourth-largest US bank into a hasty search for a successor. Sloan, 58, will be replaced on an interim basis by the firm’s general counsel, C Allen Parker. The ...

Bloomberg The Bank of Italy replaced its second-highest official and named two new members to its top body following months of tense relations with a populist government that questioned its record on banking supervision. Fabio Panetta, 59, has been promoted to director general to succeed Salvatore Rossi, who told staff this month he didn’t intend to stay beyond the expiration ...

Bloomberg Morgan Stanley President Colm Kelleher, who helped navigate the firm through the financial crisis and was once seen as a potential successor to Chief Executive Officer James Gorman, plans to depart at the end of June. Kelleher, 61, will continue as a senior adviser after his official retirement, according to an internal memo Gorman sent employees. “I am extremely ...

Bloomberg New York’s financial regulator is asking two Nordic banks for detailed information about their transactions with Danske Bank A/S as part of a burgeoning investigation into global money laundering, according to a person familiar with the matter. The two banks, Nordea Bank Abp of Finland and SEB AB of Sweden, must also give New York’s Department of Financial Services ...

Bloomberg Wow Air Hf has gone out of business, stranding thousands of passengers and creating potentially huge risks for Iceland’s tiny economy and its growing reliance on tourism. The discount carrier is the eighth European airline to have failed since the summer as margins are pinched by fluctuating fuel costs and over-capacity that’s sparked a continent-wide fare war. Wow’s demise ...

Bloomberg Troubled Jet Airways India Ltd missed a $109 million loan repayment due to HSBC Bank this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totalling $140 million that the company took from HSBC in 2014, according to the people, who asked not to be identified ...

Bloomberg Investigators of an Ethiopian Airlines crash have concluded that the same system that malfunctioned in an earlier accident off Indonesia was activated, and they are searching for a key piece of equipment that might explain why, according to people briefed on the probe. Preliminary flight data from the Boeing Co 737 Max jet’s black-box recorder indicates that a new ...

Bloomberg American Airlines Group Inc halted flights to Venezuela, indefinitely extending a temporary suspension that began two weeks ago. While the company said it was committed to reestablishing service “when the conditions are right,’’ it didn’t provide an estimate of when flights would restart. “We don’t have a set time frame,’’ American said. The decision cut off the last remaining ...

Bloomberg Ascena Retail Group Inc continues to clean out its closets. The parent of Ann Taylor and Lane Bryant is exploring options for its lower-priced women’s clothing chain, Dressbarn, according to people familiar with the matter. It’s shopping the chain to potential buyers, said the people, who declined to be identified because the process isn’t public. The company didn’t reply ...

Bloomberg Employee unions at British Airways (BA) urged members to reject the airline’s latest pay proposal and said they will begin preparing for a potential industrial action. The biggest airline of International Consolidated Airlines Group SA has been facing a coordinated campaign for bigger salary increases from pilots, cabin crew and ground staff since November. The effort is challenging British ...