Business

Business news from Charlotte and the Carolinas.

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.

Bank of America

Bank of America expects to cut several thousand jobs nationwide in its consumer banking division over the next few years as customers shift their banking away from branches to mobile phones and computers.

Daimler Trucks North America

Commercial truck maker Freightliner has announced it will cut some 800 jobs at two facilities in Gaston County. 

David Boraks / WFAE

DUNCAN McFADYEN: North Carolina's Division of Motor Vehicles ruled last week that Tesla can't sell its electric cars at a store in Charlotte. That has a lot of people scratching their heads - why not? WFAE's David Boraks is with me now to talk about it.

David Boraks / WFAE

The North Carolina Department of Motor Vehicles has denied Tesla Motors' application to sell its electric cars at a new store near Charlotte. 

A federal appeals court on Monday overturned a $1.27 billion fine against Bank of America over loans by mortgage giant Countrywide Financial, which B of A acquired in 2008.

The appeals court said in a 30 page opinion that prosecutors failed to prove that Countrywide committed fraud when it made loans through its "Hustle" mortgage program.

Bank of America is reporting higher fourth quarter profits than the same period a year ago. The bank says its  profit was $3.01 billion, or 28 cents per share, for the three month period ending in December. That’s nearly 10 percent higher than the same period a year earlier. The results beat analysts’ expectations of 27 cents a share on average. Bank of America says the increased earnings were spurred by lower expenses and continued improvement in its consumer banking division. The bank’s revenue in the quarter was $19.53 billion compared with $18.73 billion the year before.

Howard Levine To Step Down As Family Dollar CEO

Jan 8, 2016
T. Ortega Gaines / Charlotte Observer File Photo

Charlotte Observer

Howard Levine is stepping down as chief executive officer of Matthews-based Family Dollar on Jan. 15, the company announced Friday.

Levine’s departure follows Virginia-based Dollar Tree’s acquisition of Family Dollar last summer. At the time, the company had said Levine would remain with the company for two years to assist with the integration, reporting to Dollar Tree CEO Bob Sasser.

Nick de la Canal / WFAE News


This year is shaping up to be a good one for America’s Christmas tree farmers. A report published this week by the American Christmas Tree Association estimates nearly 22.6 million Christmas trees will be bought, strapped to a car roof, brought home, and decorated this holiday season. That’s a million more trees than were sold in 2011, and it’s welcome relief for the Christmas tree industry, which is still recovering from the recession.

Corning Optical Communications plans to move its headquarters from Hickory to a new $38.7 million office building Charlotte in 2018. A spokeswoman said the company is looking at sites off I-485 northwest of Charlotte, and hopes to announce the location by April 1.

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