Wells Fargo has fired between 100 and 125 employees whom the company believes defrauded the Small Business Administration by applying for and receiving coronavirus relief funds for themselves, according to an internal memo obtained by Axios.
More terminations could be on the way, as a source familiar with the situation told Axios an investigation into the matter is ongoing.
Some of America's biggest banks are making more money now than they were before the pandemic hit.
Why it matters: Quarterly earnings out this week hint that the worst economic scenarios haven't yet come to pass. Still, executives are warning there could be a rocky road ahead for the economy.
Earlier today, House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin spoke yet again about the stalled federal stimulus plan, but don't appear too much closer on a deal to help American families or businesses.
Axios Re:Cap goes deeper with House Majority Leader Steny Hoyer (D-Md.), who talks about remaining obstacles, the White House, and why Democrats oppose stand-alone bills for consensus items like airline payroll support and small business loans.
President Trump promised on Wednesday to lift the economy "to unprecedented heights" and bring about a quick "return to full employment," but did not lay out specific economic plans for a potential second term.
Why it matters: Economists have largely abandoned expectations that the economy and labor market will spring right back to pre-pandemic levels. Instead, they are bracing for an uneven, sluggish road back.
The Juggernaut, a premium subscription publication for South Asian stories and news, has raised nearly $2 million as a part of its seed round, its founder Snigdha Sur tells Axios.
Why it matters: The upstart is putting its money where its mouth is. Over 50% of its investment by value was from general partners of color. Over 90% of The Juggernaut's writers are people of color and over 80% are women.
A growing number of tech companies say workers need not ever come back to the office if they don't want to. The move comes as pandemic-related closures have already kept many tech workers out of the office for months.
Why it matters: Technology's spread into every corner of the broader economy keeps boosting demand for workers with tech skills. That pushes employers to accommodate tech talent wherever they find it.
Arrival, the U.K.-based electric van and bus company, said Wednesday that BlackRock-managed funds are investing $118 million to help fuel its expansion, including plans to build a factory in South Carolina, as first reported by The Wall Street Journal.
Why it matters: It's the latest sign of money pouring into electric vehicle startups.
Peer-to-peer car rental company Getaround said Wednesday that it raised $140 million in new funding.
Why it matters: This comes near the end of a roller-coaster year for Getaround, which saw bookings drop by 75% at the start of the pandemic, but since has seen revenue double from pre-pandemic levels.
China is already test-driving the future of finance while the rest of the world is stuck trying to get its learner's permit.
What's happening: Over the past two weeks Chinese authorities in cities like Shenzhen and Chengdu have given out the country's brand new digital renminbi currency and are urging even faster rollout of the token nationwide.
Walmart says it'll spread out its traditional one-day Black Friday deals over three weekends in November in an effort to reduce crowds in its stores during a pandemic, AP reports.
The big picture: The nation's largest retailer said more of its doorbuster deals will be reserved for online, as a way to steer shoppers away from its stores. Meanwhile, many stores are starting their holiday deals this month. For example, Amazon, which usually holds its annual Prime Day event in mid-July, delayed it to this week.
CNN, Fox News and MSNBC collectively averaged just under 10 million viewers in prime time last week — the week of the vice presidential debate — or 72% more than the same week in 2019, per the AP.
The state of play: Fox News' average of 4.42 million last week was up 63%, and MSNBC's 2.75 million was up 38% Meanwhile, CNN's 2.59 million was an eye-popping 172% increase.
Health care's third-quarter earnings season has started, and if the quarter is anything like the previous one, the industry will continue to fare relatively well even amid the broader economic turmoil.
The bottom line: The coronavirus dominated the spring and summer, which forced people to put off care, but people have resumed getting procedures and seeing their doctors.
