Wells Fargo plucks Boston banker as COO


Wells Fargo plucks Boston banker as COO

Wells Fargo has recruited Boston banker Scott Powell away from Santander to be its new chief operating officer. Powell previously oversaw Spanish banking giant Santander’s US operations, which are headquartered in Boston. He will begin his new job at San Francisco-based Wells Fargo on Dec. 9. Powell will be based in New York, and will report directly to chief executive Charlie Scharf. Scharf, in a statement, said Powell was picked in part for his success in resolving “significant regulatory issues” at Santander since he arrived at the bank in 2015. (Wells Fargo is facing its own regulatory challenges.) Santander promoted Timothy Wennes to succeed Powell as chief executive of US operations. — JON CHESTO



Branson scraps plan to sell a stake in Virgin Atlantic

UK billionaire Richard Branson said he’s scrapping the planned sale of a stake in Virgin Atlantic Airways in favor of retaining control and expanding the airline he founded. Branson has reached a deal to abandon a two-year-old plan to sell part of the airline to Air France-KLM Group and will hang on to the 31 percent stake, keeping a 51 percent holding overall, he said in a letter to staff posted on his personal blog Monday. — BLOOMBERG NEWS


WTO says the EU is not complying with order to stop illegal subsidies to Airbus

A World Trade Organization panel ruled Monday that the European Union has not complied with an order to end illegal subsidies for plane maker Airbus, which prompted the Trump administration to impose tariffs on nearly $7.5 billion worth of EU goods in October. In its ruling, a WTO compliance panel found that the EU had not taken sufficient steps to end harm to Boeing, the major rival to Europe’s Airbus. The EU is expected to appeal, though the United States is on the cusp of preventing the WTO’s appeals court — the Appellate Body — from ruling on any new appeals. — ASSOCIATED PRESS


Lord & Taylor’s new owner to open pop-up shop in NYC for the holidays

Lord & Taylor began 2019 by closing its massive New York store after more than a century in business. It will end the year by opening a tiny new one. The department store will return to Manhattan this holiday season as a temporary shop, according to a person familiar with the matter who asked not be identified because the plans haven’t yet been announced. This will give Le Tote — the company’s new owner — a chance to re-connect with customers in the middle of the busy holiday shopping season. The shop will be just 2,400 square feet — much smaller and more tightly curated than Lord & Taylor’s sprawling, 676,000-square-foot flagship on Fifth Avenue. It will open for two weeks in mid-December in New York’s SoHo district on Wooster Street. — BLOOMBERG NEWS



Amazon removes Auschwitz Christmas ornaments from website

Amazon said Monday it has removed “Christmas ornaments” and other merchandise bearing the images of Auschwitz that had been available on its online site. Amazon, which functions as a marketplace on top of selling products itself, said in a statement that “all sellers must follow our selling guidelines” and that those who do not will be removed. The move comes after the Auschwitz-Birkenau state museum on Sunday appealed to Amazon to remove the merchandise, which also included an Auschwitz bottle opener and a Birkenau “massacre” mouse pad. It’s not the first time Amazon has had to pull offensive products sold on its site. In the past year, it has removed toilet seat covers and bath mats that featured photos of sacred Sikh temples or Islamic calligraphy and verses from the Koran, the holy Muslim holy book. — ASSOCIATED PRESS



T-Mobile stores to offer 5G phones beginning Friday

T-Mobile US Inc. has jumped to an early lead in the race to offer 5G service nationwide, a step toward showing it can be a serious competitor to larger rivals if it gains approval for its $26.5 billion takeover of Sprint Corp. Starting Friday, when T-Mobile stores begin offering their first two 5G phones, the service will be available across the country. But it won’t be the much-vaunted 5G experience that wireless carriers have been promising: The service is on a low-band 600-megahertz signal, which provides broad coverage but not blazing speeds. — BLOOMBERG NEWS


British watchdog to probe Google’s purchase of cloud data analytics company

Britain’s competition watchdog says it’s investigating Google’s purchase of cloud data analytics company Looker Data Sciences, adding to the regulatory pressures the tech giant is facing. The Competition and Markets Authority said Monday that it has invited “any interested party” to comment on whether the transaction would “result in a substantial lessening of competition” in the UK market. Google said in June it planned to buy Looker, which helps customers “visualize data,” for $2.6 billion in cash to bolster its Google Cloud service. — ASSOCIATED PRESS


Disabled workers in London paid less

Disabled workers in London face the UK’s biggest difference in pay compared to their non-disabled peers, earning on average 15.3 percent less, according to 2018 data from the Office for National Statistics. Median pay was 12.2 percent lower for disabled employees across the country, the ONS said Monday. The pay gap was wider for men than women, and those with mental impairment experienced the greatest disparity with hourly earnings that were 18.6 percent less. — BLOOMBERG NEWS



Ted Baker stock plunges amid new troubles

Ted Baker said outside lawyers and accountants will review an overstatement of unsold goods, deepening the woes of the UK fashion chain whose founder resigned this year after allegations of inappropriate workplace touching. Inventory probably needs to be reduced by as much as 25 million pounds ($32 million), Ted Baker said Monday, without giving a reason. The shares fell as much as 15 percent to their lowest in a decade and are down about 90 percent since their 2015 peak. — BLOOMBERG NEWS


Processors buy up potatoes after crop damage

Potato processors are rushing to buy supplies and ship them across North America in order to keep French fries on the menu after cold, wet weather damaged crops in key producers in the US and Canada. Cool conditions started to hit growing regions in October, lashing potatoes with frost. Farmers in Alberta and Idaho were able to dig up some damaged crops for storage. But growers in Manitoba, North Dakota, and Minnesota received snow and rain, forcing them to abandon some supplies in fields. — BLOOMBERG NEWS


RocketSpace pulls out of UK market

RocketSpace Inc., a San Francisco-based WeWork rival, is pulling out of its UK shared office business and will shut down the subsidiary by April in another blow to London’s co-working scene. Chief executive Duncan Logan told UK employees last month that they’d be out of a job after Dec. 20, according to a person familiar with the plans, who asked not to be identified because the information is private. The company will instead refocus on funding services for startups, according to emails seen by Bloomberg News. — BLOOMBERG NEWS



Survey finds small businesses hurt by Trump tariffs

A growing number of small business owners say the Trump administration’s trade tariffs and policy are hurting their companies. That’s one of the findings of a Bank of America survey of owners taken during July and August and obtained by The Associated Press. Forty-four percent of the 1,323 owners surveyed said their businesses have been affected by the administration’s trade tariffs and policy. That was up from 41 percent in a survey taken during the spring and 36 percent in a survey released a year ago. In the latest survey, nearly a fifth of the owners said tariffs and trade policy had a negative impact on their companies, up from 18 percent in the spring, and 16 percent reported a mixed impact, up from 14 percent. — ASSOCIATED PRESS