Business

Business news from Charlotte and the Carolinas.

Wells Fargo sign
MoneyBlogNewz / Flickr / https://creativecommons.org/licenses/by/2.0/

Updated 3:49 p.m.
The unflattering news keeps coming for Wells Fargo. The San Francisco-based bank said Thursday that an expanded review turned up more potentially fake accounts, beyond what Wells had already announced.

Billionaire Warren Buffett's investment company became Bank of America's biggest stockholder this week and it’s already sitting on a big profit.

Second-quarter profits rose at home improvement retailer Lowe's, but not as much as Wall Street analysts were expecting.

Revenues at the Mooresville-based company rose 6.7 percent, boosted by sales of home appliances and lawn and garden supplies and sales to contractors.

Alevo CEO Jostein Eikeland unveiled the company's plans for the old Philip Morris plant in October 2014.
Duncan McFadyen / WFAE

An industrial battery company that took over the former Philip Morris plant in Concord three years ago is going out of business. Nearly 300 people are losing their jobs.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

High-level changes may be in the works at Wells Fargo. The Wall Street Journal reports the embattled bank is eyeing changes that will likely include the departure of chairman Stephen Sanger. He's held the post since October, when then-chairman and CEO John Stumpf abruptly stepped down.

Governor Roy Cooper announces Allstate expansion in Charlotte.
Alex Olgin / WFAE

Allstate Insurance Company is bringing 2,250 jobs to Charlotte. The governor announced the expansion Wednesday at the Chamber of Commerce. The insurer said it will hire claims specialists, actuaries, underwriters, IT professionals and support personnel over the next three years as part of an expansion of the operations center in Charlotte.


The CEO of Charlotte-based snack maker Snyder's-Lance says he's not satisfied with the company's financial performance. As the company announced quarterly results Tuesday, CEO Brian Driscoll outlined a plan to increase profitability by 2020.

The owners of Blackbeard's Lodge say they'll have to work to recover from lost business during the power outage.
Blackbeard's Lodge

Full electric power has been restored and tourists are returning to Hatteras and Ocracoke islands at North Carolina's Outer Banks. A bridge construction crew cut underground transmission lines a week ago, and visitors were evacuated - at the height of the summer tourism season. WFAE's David Boraks talked to Helena Stevens, who runs the 38-room Blackbeard's Lodge on Ocracoke.

Bank of America sign
Jennifer Lang / WFAE

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Billionaire Warren Buffett's company is about to become Bank of America’s largest investor, when it exercises rights to buy 700 million shares in the bank. The purchase will mean a big payoff, at least on paper, for Berkshire Hathaway's cash infusion to the bank six years ago. 

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