APPLE LOSING KEY IPHONE DESIGNER

The man behind the iconic designs of the iPhone, iMac and iPad is leaving Apple.

Chief design officer Jony Ive is departing after more than two decades at Apple to start his own design company, Apple announced Thursday.

But he’s not completely severing ties with the company where he has worked for nearly 30 years. Apple said it will be one of Ive’s clients at his new firm.

Apple, which is based in Cupertino, Calif., didn’t announce an exact date for Ive’s departure.

Ive is known for creating Apple’s signature rounded, stylish designs.

Banks announce billions in share buybacks.

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YORK» The nation’s largest banks are rewarding shareholders by spending tens of billions raising their dividends and buying back stock after getting the green light from the Federal Reserve.

The Fed announced Thursday that it had approved the capital plans the nation’s 18 largest banks submitted as part of this year’s stress tests.

That means the Fed determined the banks could raise their dividends and buy back more shares this year and still have enough capital to survive a hypothetical deep recession during the next year.

Ford’s restructuring to cost 12,000 jobs in Europe.

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NKFURT» Carmaker Ford said Thursday it is shedding 12,000 jobs in Europe to increase profitability, part of a global trend of cost cuts by automakers facing shifting consumer tastes and heavy investments in electric cars.

The job losses amount to about one-fifth of Ford’s workforce in Europe and are part of a broad restructuring that includes the previously announced closure of six plants. Ford is reducing its number of plants in the region to 18.

The company said the positions would be eliminated primarily through voluntary agreements through the end of 2020.

U.S. pending home sales rise in May.

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More Americans signed contracts to purchase homes in May compared with the previous month, a sign that buyers may be ready take advantage of low interest rates and stabilizing home prices.

The National Association of Realtors announced that its pending home sales index rose 1.1 percent to a reading of 105.4.

Home sales have been slowing even with average 30-year mortgage rates slipping below 4 percent last month.