Money Briefs: Wells Fargo chief quits Fed post

Wells Fargo chief quits Fed post

WASHINGTON • Wells Fargo chief executive John Stumpf, under fire over problematic sales tactics, has resigned from the Federal Reserve Bank of San Francisco's advisory council.

The Federal Advisory Council has 12 banking industry representatives and ordinarily meets four times a year. Representatives typically serve three one-year terms. Mr Stumpf's second term would have ended at the end of this year.

Wells Fargo has fired some 5,300 employees for opening as many as two million accounts in customers' names without their authorisation.

On Sept 8, a federal regulator and a Los Angeles prosecutor announced a US$190 million (S$257 million) settlement with Wells.

REUTERS


Airbnb raises $751m so far

SAN FRANCISCO • Home-sharing giant Airbnb has just raised US$555 million (S$751 million) and is seeking even more in a funding round that values the company at US$30 billion, sources said.

The start-up has taken in US$555.46 million through a private funding round that was launched in late July and remains open, according to a filing on Thursday with the US Securities and Exchange Commission.

The funding round could reach US$850 million. The money raised is expected to be used to fuel growth and international expansion of Airbnb.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on September 24, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe