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Wells Fargo CEO John Stumpf To Retire

Oct 12, 2016
Mark Hames / Charlotte Observer

(Charlotte Observer)

Embattled Wells Fargo Chairman and CEO John Stumpf is stepping down from the bank he has led for nearly a decade, following intense scrutiny over a fake accounts scandal that erupted last month.

The North Carolina Utilities Commission has approved Duke Energy's $6.7 billion purchase of Piedmont Natural Gas - the final approval needed for the merger. The companies said Thursday they expect to close the deal on Monday, Oct. 3.

diners at Essex Charlotte
David Boraks / WFAE

Businesses around Charlotte saw sales drop during last week's protests over the shooting death of Keith Scott. But now that a curfew has been lifted and the weekend is approaching, they're hoping for a rebound.

Violence during the first night of protests uptown last Wednesday left some hotels, stores and restaurants, including those around the EpiCentre, with broken windows and other physical damage.

But the week of protests also scared away customers, causing financial damage that most are still recovering from.  

jacreative / Flickr/

Fintech is a new word to most. It represents the intersection of finance and technology and Charlotte is seen as a place for huge possibilities in fintech due to our status as a banking hub.  We find out more about this new industry, how our pool of bankers-turned-entrepreneurs is helping fintech to grow here and how one Charlotte company is trying to get banking and members of the creative class to work together.

  One  of the world's largest investment funds is selling all its Duke Energy bonds and shares. The government of Norway's pension fund has been a major Duke investor. But lately it's been divesting from companies that make money by mining or burning coal.

Profits at Duke Energy were lower in the second quarter compared with a year ago, mainly because of a write-down as it prepares to sell its international business. But executives say Duke's main U.S. operations are strong.

Drawing shows design for the W.S. Lee Nuclear Plant in Cherokee County, S.C.
Westinghouse Electric Co./Duke Energy

Duke Energy is another step closer to winning approval to build a new nuclear power plant in South Carolina. The Nuclear Regulatory Commission said Wednesday it has completed the final safety evaluation for the proposed William States Lee plant in Cherokee, near Gaffney.

David Boraks / WFAE

North Carolina was once a top wine producer - until Prohibition killed the industry. But it's growing again. The North Carolina Wine & Grape Council says the state now has 186 wineries and adds about a dozen new ones a year. Dover Vineyards in Concord is one of those startups.

Corning Inc.

Updated 11:20pm
Corning Optical Communications has picked a site off I-485 in northwest Charlotte for its new $38 million headquarters, a spokesman said Tuesday.

Ben Bradford

County Commissioners chose BK Partners to redevelop Brooklyn Village, a one-time economically diverse, African-American community that was razed as part of the 1960s urban renewal movement. After Wednesday’s vote, many questions lingered for some commissioners about the $683 million project.