Business briefs
With Zelle, banks roll out faster P2P payments
A coalition of financial firms across the U.S. is ready to instantly beam cash to friends, family and businesses. More than 30 U.S. banks and credit unions, including Pittsburgh-based PNC Financial Services Group, this week are unveiling a unified service called Zelle after years of watching Silicon Valley innovators such as PayPal’s Venmo, Square and Apple build peer-to-peer payment systems. About 86 million mobile-banking customers will see Zelle logos in the apps managing their accounts, according to Early Warning Services, a bank-owned risk-management firm that oversees the network. In the months to come, partnerships with Visa and MasterCard will let virtually anyone with a U.S. debit card use Zelle as well.
Highmark Blue Cross Blue Shield Delaware president to join United Concordia Dental
Timothy J. Constantine, president of Highmark Blue Cross Blue Shield Delaware, is joining United Concordia Dental as its president and chief operating officer to oversee United Concordia’s sales and government programs. Mr. Constantine also will retain his Highmark Inc. executive duties in Delaware and central Pennsylvania.
Gymboree files Chapter 11; Ann Taylor and more chains may be closing stores
The company that owns Ann Taylor, Loft, Dressbarn, Lane Bryant, Catherines and Justice, among others, said it may close more than 650 stores over the next two years. “We've identified more than 250 locations that will be permanently closed through July 2019. An additional 400 or so more stores will be closed if specific rent concessions are not
obtained through landlord negotiations,” said David Jaffe, president and CEO of ascena retail group inc. The company operates more than 4,800 stores. San Francisco-based children’s retailer The Gymboree Corp. said that it had filed for Chapter 11 bankruptcy reorganization protection as it seeks to cut its debt by more than $900 million. Gymboree said it expects to operate its business and the majority of its roughly 1,280 stores “as usual” during the restructuring.
Controversial Uber exec out as embattled company looks to right course
Emil Michael, Uber’s senior vice president of business and CEO Travis Kalanick’s righthand man, has left the embattled San Francisco ride-hailing company, according to an email he sent Monday to employees. It is unclear whether Mr. Michael was fired or resigned. An Uber spokeswoman confirmed that he is no longer with the company but declined to comment further.
In the email, initially obtained by The New York Times and independently verified by a person familiar with the matter, Mr. Michael said David Richter, Uber’s vice president of strategic initiatives, would replace him. On Sunday, Uber’s board of directors convened in Los Angeles to vote on a series of recommendations about Uber’s corporate culture drafted by former U.S. Attorney General Eric Holder as part of a company investigation. From staff and wire reports