INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.
Layoffs underway for Wells Fargo
Analysts are weighing in on how Wells Fargo’s layoffs and other cuts are playing out.
The bank’s CEO has said $10 billion in costs need to be cut to streamline the business.
The cuts will come from various units of the bank.
There is no firm timetable for the complete of the layoffs, but the bank said $3.7 billion in cuts will come in 2021.
Delta working on new pandemic technology
Delta Airlines is working in overdrive to navigate through pandemic-era travel and make things easier for travelers.
The carrier is working on enhancing accessibility of COVID-19 testing kits for travelers and building digital tools to enable travelers to directly upload and verify health documents.
Delta will also be launching the first domestic digital identity test in the us, featuring facial-recognition technology to enable travelers to have a touchless experience from curb-to-gate.
Google deletes negative Robinhood reviews
Google rode to Robinhood’s rescue after it was review-bombed and lost its four-star rating.
Google deleted 100,000 reviews after Robinhood’s app was flooded with bad reviews on the Play Store.
In the space of a few hours, Google brought its rating up from a one-star rating to four stars.
Robinhood is the stock app that prevented trading in GameStop and others last week.
Last two Toys “R” Us stores to close
Toys “R” Us retrenches again and shutters its last two U.S. stores.
The Toys “R” Us store at The Galleria in Houston shuttered on Jan. 15, while one at the Garden State Plaza in Paramus, New Jersey closed on Tuesday, according Tru Kids, a new entity formed when it acquired Toys “R” Us intellectual property during its liquidation in 2018.
Valentine’s Day shoppers to spend $2.8 billion
More than half of Americans are planning to celebrate Valentine’s Day and will spend a collective $2.8 billion on their loved ones, according to the National Retail Federation.
Only 24% of consumers plan to spend an evening out with their loved one, which is the lowest in the survey’s history, the NRF reported. However, about 41% are still planning a special dinner or celebration at home.
When it comes to gifts, most will spend money on candy, cards and flowers.