Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.
The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.
While many tech companies are still apprehensive about going public and all the scrutiny that comes with that, ex-Glu Mobile CEO Niccolo de Masi just listed a special purpose acquisition corporation (SPAC) on the New York Stock Exchange, raising $200 million.
What’s next: De Masi, along with co-sponsor and former EMC executive Harry You, wants to create the next great mobile app-focused public company via this vehicle, he tells Axios. Think of it as Match Group, but for a different app category.
Lyft has acquired Halo Cars, a small startup that lets ride-hailing drivers earn money via ad displays mounted atop their cars. Lyft confirmed the deal but declined to share any details.
Why it matters: Ride-hailing companies are increasingly eyeing additional ways to generate revenue, and Lyft rival Uber has been quietly testing a partnership with New York-based Cargo that gives it a cut of the advertising revenue, as I previously reported.
The Boy Scouts of America filed for bankruptcy this week in the face of hundreds of lawsuits from men alleging that they were sexually abused during their time in the organization. Pro Rata producer Naomi Shavin and Axios reporter Courtenay Brown discuss how the bankruptcy filing could shape the creation of a victims' compensation fund and what it means for the flood of lawsuits.
The Philadelphia Fed's manufacturing business outlook rose to near its highest level on record and notched its biggest reading above economists' expectations in history.
The big picture: Analysts at BMO Capital Markets note that the monthly reading is among the highest in history (in the 99th percentile) going back 30 years and marked the largest two-month jump since 1995.
When California passed its boardroom law requiring public companies based there to have at least one female director,there were concerns it would spark a gold rush for thesame handful of well-known women — but that hasn’t happened.
Why it matters: Of the 138 women who joined all-male California boards last year, 62% are serving on their first company board, per a study by accounting firm KPMG. That means a majority of companies aren't contributing to so-called overboarding in corporate America.
A Silicon Valley startup is attempting to make executive physicals — which are frequently offered as part of C-suite compensation — available to a larger audience, STAT reports.
Between the lines: The $3,500 annual membership is cheaper than a $20,000 weekend at the Mayo Clinic, but is still expensive and still subject to the same criticism — mainly that it's unnecessary.
What Trump said: "What the hell was that all about? We've got enough problems with South Korea with trade. On top of that, they give them best movie of the year. Was it good? I don't know. ... Can we get like 'Gone with the Wind' back, please? 'Sunset Boulevard' — so many great movies."
The problem of surprise medical billing — which Congress failed to solve last year — is about to get worse, thanks to a feud between an insurance giant and a company that employs thousands of doctors.
The big picture Parents who have babies in intensive care, women with high-risk pregnancies and people who need anesthesia could receive unexpected bills in the mail as a result of the fight between Mednax, the physician-staffing firm, and UnitedHealth Group.
