Business briefs

Former Wells Fargo chief barred from banking industry

Banking regulators pursuing what they describe as “systemic” misconduct in sales practices at Wells Fargo have reached an agreement with former chief executive John Stumpf that bars him from the banking industry and fines him $17.5 million. The regulators continue to pursue civil charges, fines and prohibitions against five other executives for an array of oversight failures and deceptive methods at the bank. The misconduct affected millions of bank customers from 2002 to 2016, according to a statement by the Office of the Comptroller of the Currency, which sought the charges. The regulators have found, among other things, millions of accounts opened for customers without their knowledge.

Xerox launches a hostile takeover bid for HP

Xerox really wants to merge with HP, and it has gone hostile. The copier company said Thursday it will nominate 11 new directors to replace HP’s entire board at HP’s upcoming shareholder meeting. Xerox has been attempting a takeover for months, and HP has twice rejected Xerox’s bids. An HP spokesperson was not immediately available for comment.

American Airlines targets higher growth in 2020

American Airlines Group Inc. forecast a big increase in capacity this year and said costs will rise, risking pressure to fares and a squeeze on profit. The number of available flights and seats will rise as much as 5%, American said, following a 1.1% gain last year. Growth will focus on hubs such as Dallas and Charlotte, N.C.

Coca-Cola will continue using plastic bottles, company says

Coca-Cola is shaking off environmentalists’ calls to change its packaging, saying there is too much demand for the plastic bottles. The soft drink giant’s head of sustainability, Bea Perez, told the BBC that consumers are fans of plastic-packaged drinks because they’re able to reseal their bubbles in lightweight packaging.