Wells Fargo’s compliance chief is leaving
Wells Fargo & Co.’s compliance chief is leaving after two years of trying to turn around the scandal-plagued bank’s internal oversight and risk-management functions, the Financial Times reported on Thursday, citing people familiar with the decision. Chief Compliance Officer Mike Roemer will be replaced by Paula Dominick, who has been chief compliance officer for Credit Suisse Americas and previously worked for Bank of America Corp. Wells Fargo declined to comment on the report. The move comes after Wells Fargo said in July that Mike Santomassimo would replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm. Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. The change at Wells Fargo also comes as it gears up to launch a broad cost-cutting initiative this year and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.
Apple drops popular Fortnite from App Store
Apple has dropped the hugely popular Fortnite game from its App Store after the game’s developer introduced a direct payment plan that bypasses Apple’s platform. Apple takes a 30% cut from in-app revenue purchases, which has long been a sore spot with developers. Fortnite is free, but users can pay for in-game accoutrements like weapons and skins. Its developer, Epic Games, said in a blog post Thursday that it was introducing Epic Direct payments, a direct payment plan for Apple’s iOS and Google Play. Epic said the system is the same payment system it already uses to process payments on PC and Mac computers and Android phones. Apple said the service violated its guidelines. “Epic enabled a feature in its app which was not reviewed or approved by Apple, and they did so with the express intent of violating the App Store guidelines regarding in-app payments that apply to every developer who sells digital goods or services,” Apple said in statement. Apple added that Epic has had apps on the App Store for a decade and benefited from its tools, testing and distribution. It said it was working with Epic to resolve the violations and return Fortnite to the app store.