US bank Wells Fargo has announced plans to cut as many as 26,500 jobs over the next three years. Boss Tim Sloan said on Thursday that the group, which employs 265,000 people, will reduce the workforce by between five and ten percent. “We are addressing past issues, enhancing our focus on customers, strengthening risk management and controls, simplifying our organisation, and improving the team member experience,” said Sloan. “This work includes strengthening risk management, simplifying operations, leveraging digital automation, divesting noncore businesses, and continuing to become a more efficient company,” he added. The California-based bank is attempting to recover from previous scandals, including in 2016 when it emerged that sales associates were opening millions of accounts without customer permission. The lender was fined a record $1 billion by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency. Wells Fargo hopes to cut overall expenses by $3 billion by 2020 as it has seen a 10 percent year-on-year decline in profit in the first six months of 2018. On Thursday, shares in the group (NYSE: WFC) closed up 0.6 percent at $55.55.  

Barclays (LON: BARC) online banking has been restored after customers were unable to access their accounts using online banking. The online banking was down between 10.45am and 5pm on Thursday, where customers saw the message: “5 – Sorry – Barclays Online Banking is currently unavailable”. Angry customers took to Twitter to express frustration. One person tweeted: “@BarclaysUK Pensioners are going without food … some of us can’t pay our rent … because of no access to our Barclays accounts. Corporate banking has ruined Barclays. How do you intend to compensate yr customers? When will the system be up and running? The only bank where it happens.” The bank released a statement on the website, which said: “We’re sorry if you’re unable to access online banking, telephone banking, or use some parts of our app. You can still check your balance and use most features in the app. Our teams are working to fix the problem … Thanks for your patience.” Following the bank’s glitch, the group added: “We’re very sorry about the technical problems our customers have experienced today. Everything is now back up and running and we’re really grateful for customers bearing with us.” Tashema Jackson, from uSwitch.com, advised Barclays customers and said: “If you think you’re facing a loss due to an unexpected online banking failure you can lodge a complaint with your bank for any financial damages incurred as a result of the disruption.” “If you don’t believe you complaint has been dealt with appropriately by your bank you can take your case to the Financial Ombudsman for review.” Barclays is the latest lender to face issues with its online banking. TSB customers were left without access to online banking for several weeks in April following an IT disaster.

French Connection has reported a big increase in half-year losses, blaming difficult conditions on the high street and the administration of House of Fraser. The fashion retailer made a loss of £15 million in the six months to July 31, compared to a £5.9 million loss in the same period a year previously. The increased loss has been linked to bad debts associated with House of Fraser’s administration. “We see this downturn as a structural event supported by the level of closures and CVAs in both the retail and leisure markets, particularly on the high street,” said the group. French Connection plans to close a further eight stores, where it “continues to review its store portfolio and exit non-profitable stores”. The retailer said: “we see this downturn as a structural event.” This highlights the difficult high street conditions, which has seen a number of retailers close non-profitable stores and apply for CVA agreements. For example, last week The John Lewis Partnership saw its half-year profits almost wiped out last week, as it was badly affected by heavy discounting by rivals. Stephen Marks, the chairman and chief executive, said: “There is no doubt that progress has not been helped by the trading conditions in which we operate in the UK, although we can take great confidence from the performance of the wholesale business and the stability of the licence income.” “The order books we have provide a clear outlook for the second half of the year in wholesale although retail continues to be challenging. We remain on target to return the business to profitability this year and we will be doing everything we can to ensure that happens.” Shares in the group (LON: FCCN) fell six percent on the results.

Ryanair’s (LON: RYA) chairman has come out the other side of the group’s annual general meeting. Almost 30 percent of shareholders voted against the re-election of David Bonderman, whilst chief executive, Michael O’Leary had the backing of 98.5 percent of investors. Although the airline’s bosses remain at the helm, investors demanded change after a season of flight cancellations and strikes. Alison Kennedy, an investment director at Aberdeen Standard Investments, said: “Given the challenges the company faces, for example in union and labour relations, it is clear that governance needs to evolve. Strong, independent and visible board leadership is more important than ever.” Kennedy continued to say she hoped for “clear progress on succession for these two key board positions by the time of the AGM next year”. If there is no progress “we will vote against the re-election of Mr Bonderman, Mr McLaughlin and the other members of the nominations committee”. Following the meeting, O’Leary told the press that airline was “making good progress” on reaching an agreement with unions. However, he also said: “We are not simply going to roll over and concede to every demands the unions make. We will not and cannot concede to unreasonable demands.” The chief executive also told the press that the Ryanair board wanted to see him continue in his role for a further five years. “I’m not sure whether I want to sign up to another five years. That would take me up to 62. I’m not sure Mrs O’Leary would be happy,” he said. The Irish airline successfully agreed on a deal with Irish pilots and cabin over the summer but have yet to agree a deal with cabin crew based in Italy, Portugal, Belgium, Spain and the Netherlands who are planning to strike September 28.  

Clontarf Energy plc has announced that it has submitted a proposal to explore the Lithium-bearing salt-lake in Bolivia. Currently, Lithium from salt pans is in demand for high performance batteries. Clontarf Energy is an emerging oil and gas exploration and production company. Moreover, it is currently focused on Africa and South America. Indeed, Clontarf Energy has been active in Bolivia since 2000 through the wholly owned subsidiary Petrolex SA. Director of Clontarf Energy, David Horgan, said: “We have re-established our presence in Bolivia, and have initiated discussions with the Bolivian National Lithium Company (YLB) on a possible joint venture to study and, if indicated, explore the second largest lithium brine deposit in the world.” “Between 2008 and 2010 Clontarf examined salt pan lithium deposits in Bolivia but we were unable to proceed at that time. Lithium from salt pans is in demand for high performance batteries.” However, the company also mentions that there is no guarantee that the proposal will lead to a binding contract. At 15:27 BST today, shares in Clontarf Energy plc (LON:CLON) were trading at -20.39%.

Staff at JD Wetherspoon, McDonald’s and TGI Fridays will partake in an unprecedented strike in the hospitality sector next month. In fact, more and more workers – who were not traditionally unionised – have joined a trade union after a campaign was launched to drive recruitment. On 4 October 2018, unionised workers will strike for £10 an hour and union recognition. The co-ordination between staff from different franchises is the first of its kind. A spokesperson for the Food and Allied Workers Union (BFAWU) confirmed the Guardian’s report. Workers at two Wetherspoon’s in Brighton are in fact preparing to join the strike. Additionally, the protest is expected to be joined by workers from three TGI Fridays outlets and four McDonald’s restaurants. Last year, McDonald’s workers held their first UK strike. This was in protest of zero-hours contracts and working conditions. A team Leader from one of the Brighton’s Wetherspoons, Chris Heppell, felt inspired by the McDonald’s strike. As a result, Chris and many other workers, joined the BFAWU. Chris Heppell is a 29-year-old graduate who has said that the majority of his monthly earnings go towards rent. He said:

“It’s impossible to save and you find yourself taking on more and more hours just to keep on top of the debt.”

Additionally, 19-year-old Wetherspoon’s kitchen worker Alex McIntyre also commented. According to him, working for JD Wetherspoon is “emotionally and physically draining”. “I have an overdraft and rarely have a full fridge. I just thought that was what student life was, but there’s a sense now that this could change. Being paid £10 an hour would mean that I literally don’t have to choose between a food shop or getting a long needed haircut – basic things that people take for granted.” “Now though, I’m being asked about union membership by friends and people from my generation on social media who wouldn’t have considered it before. The cards we have been dealt mean that a lot of us have tended to keep our heads down until now,” he said. Earlier this year, TGI Fridays came under fire for not paying its workers minimum wage. At 14:37 BST today, shares in JD Wetherspoon (LON:JDW) were trading at -0.15%. At 09:41 GMT -4 today, McDonald’s (NYSE:MCD) shares were trading at +0.63%.

Hurricane Energy plc (LON:HUR) has announced its 2018 interim report and half-year results for the period ended 30 June 2018. The results offer some noteworthy financial highlights. First, the company’s loss after tax in this period was $75.1m. In H1 of 2017, this figure was at $4.2m. Next, operating expenses for the period were $4.7m, lower than the $6m in H1 of 2017. Additionally, by the end of the period the company had cash, cash equivalents and liquid investments of $210.1 million. Previously, we reported the increase of Hurricane’s shares after a farm-in with Spirit Energy. Later in the morning, Hurricane Energy’s shares saw an 11% increase after the deal. Dr Robert Trice, Chief Executive of Hurricane, said: “At 30 June 2018, the Company had $210.1 million in cash and liquid investments, of which $178.6 million was unrestricted. With the well completion, TMS installation and SURF installation phases complete, we remain confident in becoming cash generative based on existing funds.” “As we noted in our 2017 Annual Report, the task in front of us is to de-risk and monetise the substantial contingent and prospective resources across all of our assets.” “The recently announced farm-in by Spirit Energy (post period-end) to the Greater Warwick Area (GWA) is a first step on this path. The transaction accelerates the appraisal and initial development of the GWA and frees up cash flow from the Lancaster EPS to further appraise and develop the Greater Lancaster Area (GLA) and Whirlwind.” “We are delighted to have agreed a development strategy with a like-minded company which brings significant operating and financial capacity, together with experience in fractured basement reservoirs.” At 12:44 BST today, Hurricane Energy plc shares were trading at +2.61%.

Crimson Tide (LON:TIDE) has announced various contract wins. Furthermore, it has made additional recruitment announcements. Crimson Tide is the provider of the award-winning mpro5. Mpro5 is an industry leading mobile workflow management solution. The system allows users to manage remote workforces, automate management reporting and complete workflows on any mobile device. This is all achieved through a cloud-based platform. Today, Crimson Tide has announced it has signed its first subscription agreements with two clients in the Middle East. Both of these clients are set to complete maintenance, engineering and health and safety workflows on mpro5. As a result, Crimson Tide has appointed Zyldxian Pereira as Middle East Sales Executive. This appointment hopes to drive further opportunities in the Middle East. Additionally, Crimson Tide has announced the win of a contract with a $20bn revenue US Pharma Company. The pharmaceutical company seeks to provide a patient portal for one of its ground-breaking anti-cholesterol drugs. Finally, Crimson Tide has announced that Sam Roberts will re-join the company as Director of Enterprise Sales. This is following his period of Samsung where he headed the sales relationship with O2. Executive Chairman, Barrie Whipp, said: “It is very encouraging to win these new contracts, which demonstrate mpro5’s capabilities in exciting areas.” “We are also happy to add to our sales team and I am extremely pleased to welcome Sam back to Crimson Tide. ” At 11:33 BST today, shares in Crimson Tide plc were trading at +25.49%.

A Jet Airways flight has injured over 30 passengers after the pilots forget to regulate the cabin pressure. Additionally, some passengers experienced bleeding from their noses and ears. The Jet Airways flight was set to travel from Mumbai to Jaipur. However, it was forced to turn back soon after take off. The 166 passengers on board landed safely. Consequently, the major Indian airline has released a statement: “The B737 aircraft, with 166 guests and 5 crew, landed normally in Mumbai.” “All guests were deplaned safely and taken to the terminal.” “First aid was administered to few guests who complained of ear pain, bleeding nose etc.” Furthermore, it admitted that it “regretted” any inconvenience caused. However, Lalit Gupta, the Directorate General of Civil Aviation said the crew had forgotten to regulate cabin pressure. As a result, passengers took to twitter to share the experience. One passanger wrote: @jetairways Flight 9W 697 made an emergency landing back in Mumbai. Airplane lost pressure immediately after taking off…scores of passengers including me bleeding from nose….no staff to help…no announcement on board to wear the oxygen mask. passenger safety completely ignored pic.twitter.com/vO9O95aMCP — Satish Nair (@satishnairk) September 20, 2018 Shares in Jet Airways (NSE:JETAIRWAYS) finished trading yesterday at 15:55 GMT at -4.98%.