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(Bloomberg) -- Eight ex-Wells Fargo & Co. executives are facing a record $59 million in fines and the bank’s former chief executive officer received a ban from the industry as regulators took unprecedented steps in holding individuals to account for corporate scandals.Former CEO John Stumpf agreed to a $17.5 million penalty and an industry ban that no major bank chief has faced, even in the aftermath of the financial crisis. Carrie Tolstedt, who led Wells Fargo’s community bank for a decade, faces a $25 million penalty that the Office of the Comptroller of the Currency said could climb higher.The OCC laid out the penalties in more than 100 pages of documents Thursday that detailed “massive illegal activity and catastrophic reputational damage” from the bank’s retail banking scandals.Wells Fargo tapped into public ire in 2016 with the revelation that bank employees opened millions of potentially fake accounts to meet sales goals, garnering criticism across the political spectrum, from Democratic Senator Elizabeth Warren to Republican President Donald Trump. The phony accounts were just the first in a slew of retail-banking issues that subsequently came to light, prompting regulatory fallout that’s in many cases unheard of for a major bank, including a growth cap from the Federal Reserve.This is the first public step the OCC has taken against former executives related to Wells Fargo’s problems. Regulators received criticism from some corners over the fact that few individuals and no top executives were held accountable for crisis-era missteps like faulty mortgage-bond sales and unwarranted home foreclosures that cost the banks billions in fines and penalties.Five FightingStumpf was one of three to agree to consent orders and pay penalties, along with former chief administrative officer Hope Hardison and onetime risk chief Michael Loughlin.Tolstedt and four other former executives -- general counsel Jim Strother, chief auditor David Julian, audit director Paul McLinko and community banking risk officer Claudia Russ Anderson -- will face a public hearing before an administrative law judge. The regulator said it could decide to increase the civil penalties based on the evidence presented.During the OCC’s investigation, Stumpf and others admitted that the bank had systemic sales practice misconduct dating from the early 2000s. Tolstedt and Russ Anderson “asserted their Fifth Amendment right against self-incrimination and refused to answer all substantive questions about sales practice misconduct,” the regulator wrote in a notice of charges.“We are reviewing today’s filings and will determine what, if any, further action by the company is appropriate with respect to any of the named individuals,” Charlie Scharf, who took over as Wells Fargo’s CEO in October, wrote to employees on Thursday, noting the bank won’t make any remaining compensation payments to the individuals during the review. “This was inexcusable. Our customers and you all deserved more from the leadership of this company.”Attorneys for the former executives responded to the OCC’s claims:“Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing,” said Enu Mainigi, her lawyer at Williams & Connolly. “A full and fair examination of the facts will vindicate Carrie.”“At all times, Mr. Strother acted with the utmost integrity and transparency, including with the bank’s board, senior management, and its regulators,” Walt Brown, Strother’s attorney at Orrick Herrington & Sutcliffe, said in an emailed statement. “The OCC’s charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.”“The OCC’s charges have no factual nor legal support and instead are based on hindsight and second-guessing that ignore what Mr. McLinko actually knew and did,” said Timothy Crudo at Coblentz Patch Duffy & Bass. “We look forward to a trial based on all of the facts, and we are confident that Mr. McLinko will be vindicated.”Stumpf was CEO of Wells Fargo from 2007 until he retired in October 2016 amid the crisis. A report the next year conducted by law firm Shearman & Sterling on behalf of Wells Fargo’s board alleged that he reacted too slowly to warnings of sales abuses across the bank’s branch network. He forfeited $41 million in equity awards when he stepped down, and the board clawed back an additional $28 million following the Shearman & Sterling report.Stumpf “failed to respond to numerous warning signs, including many team member complaints submitted directly to his office regarding pervasive sales pressure, fear of termination for not meeting unreasonable sales goals, and illegal and unethical sales activity across the Community Bank,” according to the OCC order he signed this week.Regulatory actions against Wells Fargo have also included billions of dollars in fines and legal costs, and an order giving the OCC the right to remove some of the bank’s leaders. The Department of Justice and the Securities and Exchange Commission also have been investigating the lender’s issues.The OCC and the Fed have both cited a wide-ranging pattern of abuses and lapses at Wells Fargo. The OCC drew scrutiny of its own as the firm’s main regulator throughout the scandals, prompting an internal review at the agency.(Adds CEO statement in ninth paragraph.)\--With assistance from Jesse Hamilton, David Scheer, Daniel Taub and Gregory Mott.To contact the reporter on this story: Hannah Levitt in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, ;Jesse Westbrook at email@example.com, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Xerox Holdings Corp. said it intends to nominate 11 directors to replace the board of HP Inc. after the personal-computer maker refused to engage in takeover talks, according to a statement Thursday.The iconic printer maker hasn’t increased its $22-a-share takeover offer after HP rejected its proposal, which it argues undervalues the company. Instead, Xerox will seek to replace HP’s entire board through a proxy fight to push the merger through.The nominees include former senior executives from dozens of companies including Aetna Inc., United Airlines Holdings Inc. and Novartis AG.“HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates,” said John Visentin, vice chairman and chief executive officer of Xerox.Xerox filed its slate ahead of a Friday deadline for board nominations. The move could potentially be a precursor to Xerox taking its offer directly to shareholders through a tender offer at the current offer price or a premium if HP continues to rebuff its efforts, according to people familiar with the matter. No decision has been made on whether to pursue a tender offer, the price it would be put forth at, or when it would do so, the people said, asking not to be identified because the matter is private.The push to replace the board marks an escalation of the simmering tensions between the two hardware giants that have withered in a world increasingly driven by software. Xerox has argued the tie-up would revive both companies and unlock about $2 billion in synergies.“These nominations are a self-serving tactic by Xerox to advance its proposal, which significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders,” HP said in a statement.HP said that it would review Xerox’s nominees and respond in due course. It also said that it was committed to serving the best interests of all shareholders, and that it had many avenues that it could pursue to create value. Those efforts are not dependent on a combination with Xerox, it said.Activist shareholder Carl Icahn, who owns about 11% of Xerox and has a 4.3% stake in HP, has pushed for the tie-up.HP said Thursday it believed Xerox’s proposal to acquire HP was being driven by Icahn. The billionaire has considerable influence over Xerox because he is its largest shareholder, the role he played in appointing Xerox’s CEO, who was a former consultant to Icahn, and the ties he has to members of the board, including its chairman, who is also the chief executive officer of Icahn Enterprises, HP said.“Due to Mr. Icahn’s ownership position, he would disproportionately benefit from an acquisition of HP by Xerox at a price that undervalues HP,” the company said, adding that his interests were not aligned with those of other HP shareholders.A representative for Icahn wasn't immediately available for comment.HP’s board currently has 12 members. Dion Weisler, the former chief executive officer of the company, has said he would step down at the next annual general meeting, which the company said would reduce the board size to 11. Its last annual meeting was on April 23.HP in November rebuffed an unsolicited, cash-and-stock offer from Xerox, citing concerns about the financial health of its smaller rival, which has experienced declining annual revenue since 2012.HP’s board said it was open to exploring a merger, but believed the offer undervalued the company.Xerox announced Jan. 6 that it had arranged a $24 billion loan with a group of banks to finance the takeover. HP and its advisers had questioned Xerox’s ability to raise the money for the deal.Following the financing announcement, HP said it believed the offer still undervalued the company.Xerox’s director nominees are:Betsy Atkins, CEO of Baja Corp.George Bickerstaff, co-founder and managing director of M.M. Dillon & Co.Carolyn Byrd, CEO of GlobalTech Financial.Jeannie Diefenderfer, who spent 28 years at Verizon.Kim Fennebresque, who was CEO of Cowen Group for nine years.Carol Flaton, who has served as a managing director at AlixPartners.Matthew Hart, who most recently served as president and chief operating officer of Hilton Hotels until the buyout of Hilton by Blackstone in 2007.Fred Hochberg, who was most recently the chairman and president of the Export-Import Bank of the United States during the Obama administration.Jacob Katz, who was chairman of Grant Thornton.Nichelle Maynard-Elliott, who most recently served as executive director of mergers & acquisitions for Praxair Inc.Thomas Sabatino, Jr. who most recently served as executive vice president and general counsel of Aetna Inc.Citigroup Inc. is acting as Xerox’s financial advisor, and King & Spalding LLP is providing legal counsel to Xerox. Willkie Farr & Gallagher LLP is providing legal counsel to Xerox’s independent directors.(Updates with additional company comments starting in paragraph eight)To contact the reporter on this story: Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Molly SchuetzFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
WestRock (WRK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
HRG (SPB) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg) -- Wells Fargo & Co.’s main regulator is preparing civil charges against former managers related to their roles in its retail banking scandals, people familiar with the matter said.The Office of the Comptroller of the Currency has been readying so-called notices of charges against as many as 10 individuals, and may reach settlements with some, the people said, asking not to be identified because the discussions aren’t public. Carrie Tolstedt, who ran Wells Fargo’s sprawling community bank, former chief administrative officer Hope Hardison and onetime chief auditor David Julian may be among those facing the charges, the people said.An announcement hasn’t been finalized and negotiations are ongoing, the people said. An OCC spokesman declined to comment. Representatives for Tolstedt, Hardison and Julian declined to comment.The breadth of managers swept up in the OCC’s probe shows regulators are seeking to hold individuals accountable in addition to the company over one of the financial industry’s largest scandals since the 2008 crisis. Wells Fargo has been hit with an unprecedented series of punishments, including a Federal Reserve-imposed cap on assets and an order giving the OCC the right to remove some of the bank’s executives or board members.Together, the actions against Wells Fargo represent a harsher era for those accused of wrongdoing in the banking industry when compared with the widely criticized environment following the financial crisis. Cases the OCC brings against former Wells Fargo leaders would represent a rare example of individual accountability at the highest levels in bank wrongdoing. Even after the billions of dollars in fines the firms paid following the crisis, very few individuals faced such actions. Notices of charges can lead to monetary penalties and bans from working in the industry.The OCC’s move would cast another spotlight on the bank’s misconduct as new Chief Executive Officer Charlie Scharf tries to move the company beyond three years of legal and regulatory fallout that have cost billions of dollars and claimed two CEOs. The Department of Justice and the Securities and Exchange Commission also have been investigating.The scandals erupted in 2016 with the revelation that employees may have opened millions of bogus accounts to meet sales goals. Issues soon emerged in other divisions, prompting a flurry of probes and settlements. The Justice Department staff also have been scrutinizing the actions of individual executives, people familiar with the investigation have said. A spokesman for the agency declined to comment.Wells Fargo has repeatedly come under pressure from the OCC in recent years, as the regulator imposed a $500 million penalty, helped to remove Hardison and Julian from their posts in 2018, and issued a rebuke of the bank’s progress under former CEO Tim Sloan during a March hearing before Congress. Wells Fargo announced Sloan’s retirement days later. The board hired Scharf after a six-month search for an external candidate that was subject to the OCC’s sign-off.Wells Fargo’s legal troubles have weighed on its shares, which have sat out the 53% advance in the KBW Bank Index since the scandals broke in September 2016. The stock is down almost 10% this year, the worst performance in the index. Among 32 analysts tracked by Bloomberg, only six recommend buying the bank’s shares.(Updates with regulatory history beginning in fourth paragraph.)\--With assistance from David Scheer.To contact the reporter on this story: Hannah Levitt in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.Italian Prime Minister Giuseppe Conte canceled his trip to Davos after the resignation of the leader of the biggest party in his ruling coalition triggered turmoil back in Rome.Conte, who had been due to attend the World Economic Forum on Thursday, will stay in the Italian capital to attend urgent meetings ahead of a cabinet session in the evening, according to an official who asked not to be named discussing the confidential issue.The eve of Conte’s trip to the Swiss ski resort saw Foreign Minister Luigi Di Maio step down from his post as head of the anti-establishment Five Star Movement after support for the party collapsed. Di Maio will keep his cabinet position.The move could undermine the government, according to members of both Five Star and the center-left Democratic Party, or PD, the other main coalition partner. It also scuppered any realistic hope Conte might have had of projecting a business-as-usual image in Davos had he opted for the trip.Five Star “is not changing its position vis-a-vis the government,” Finance Minister Roberto Gualtieri, who’s a PD member, said in an interview from Davos, Switzerland on Thursday. The Five Star leadership change signals “an even stronger commitment to the government.”The 55-year-old premier, a Florence lawyer who had no political experience before leading a previous alliance of Five Star and the rightist League of Matteo Salvini, intended to focus a Thursday afternoon speech in Davos on burnishing Italy’s environmental credentials and touting incentives for sustainable development projects, according to the official.His agenda might have also included a meeting with the owners of ArcelorMittal, with whom his government is negotiating to salvage the European Union’s biggest steel mill in Taranto in southern Italy.Instead, Conte will have to focus on the mounting tensions within the coalition ahead of crucial regional elections.Historical StrongholdSunday’s vote in the northern Emilia Romagna region could see Salvini’s League defeat the Democratic Party in one of its historical strongholds, triggering chaos within the parties and upsetting investors.Ever the optimist, Conte has played down potential fallout from the elections.“I’m not at all worried about going back to being a university professor because it’s a beautiful job,” Conte told reporters Wednesday on a visit to Florence. “I believe it’s absolutely improbable that will happen from Monday.”Weighing in favor of preserving Conte’s government is the same fear that first prompted his new alliance – that Salvini’s center-right bloc would handily win snap elections.That glue may still hold. Surveys show Salvini and his allies, the far-right Brothers of Italy and the Forza Italia party of ex-Premier Silvio Berlusconi, at about 48% of the vote. Support for the Democrats is at 19%, and Five Star comes in at 16%.Limited RoomWhile Conte’s room for maneuver is limited by his own lack of a political base, he’s managed to amass some clout in his almost two years in power.Opinion polls show he remains the most popular political figure in Italy, ahead of Salvini. Nicola Zingaretti, leader of the Democrats, signaled last month that Conte could become the party’s candidate for the premiership in a future election, hailing him as “authoritative, tactically fast and wise” and “a very strong point of reference for all progressive forces.”An independent figure, Conte was initially chosen by Five Star as premier for his first term, and has since drifted from the party as he carved out a role as mediator between allies.To stem the political turmoil, the premier is eager to kick-start talks with coalition parties to draft what he calls Agenda 2023, a new government program to steer the legislature to the end of its term. Conte’s priorities include tax cuts, boosting private and state investment and speeding up the byzantine justice system.Worst EnemiesStill, he will likely have to reckon with more bloodletting within Five Star, which has seen more than 20 lawmakers quit or expelled from the party since his government was sworn in last September.Highlighting the divisions within Five Star, Di Maio in his resignation speech lashed out at his internal critics.“The worst enemies are the ones on the inside, with whom you had fought for shared values,” said Di Maio. He’ll be temporarily replaced by Vito Crimi, deputy interior minister, ahead of a party congress in March.(Updates with finance minister in fifth paragraph)To contact the reporter on this story: John Follain in Rome at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Sills at email@example.com, Alessandro Speciale, Jerrold ColtenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The 11 nominations from Xerox, which is dwarfed in size by HP, include current and former investment bankers and consultants, as well as former executives from Verizon, Hilton and Novartis. from Xerox, warning that it has “significant concerns” about the health of Xerox’s business and is sceptical of its rival’s ability to find $2bn of cost cuts if the two companies were to combine. Xerox in recent weeks bought a small stake in HP, giving it the right to nominate directors to the HP board, according to a person briefed on the matter.
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(Bloomberg Opinion) -- Canadian transportation champion Bombardier Inc. is running out of road. Its shares lost more than one-third of their already much diminished value last week after another disastrous profit warning.The trains and private jet manufacturer may be forced to exit its commercial aerospace joint venture with Airbus SE because of a shortage of cash; a writedown looms when the group reports 2019 results next month. In the meantime, it’s looking at ways to accelerate repayment of its $10 billion debt pile, which suggests a breakup might be on the cards. Bombardier has held talks about a combination of its rail businesses with French rival Alstom SA, Bloomberg reported on Tuesday, adding that this is one of several options being considered.On the other side of the Atlantic another storied industrial conglomerate, ThyssenKrupp AG, is suffering a comparable crisis. The German steel and car-parts maker has put its prized elevator division up for sale to help with its massive debt and pension liabilities.When their respective restructurings are completed, these vast and politically important employers will be shadows of their former selves. ThyssenKrupp has already been booted from Germany’s benchmark Dax index, while Bombardier’s on the cusp of becoming a penny stock (again).So how did they get into such a mess and why haven’t they managed to extricate themselves, despite years of restructuring and several false dawns? In both cases, hubris, shoddy governance and poor project management have played a role in their downfall. The fate of the two companies was sealed around a decade ago when they bet the farm on high-risk growth strategies — and lost. Bombardier signed off on the C-Series, an ambitious attempt to break Airbus and Boeing Co.’s lock on the commercial aerospace market. The small, fuel-efficient jet won rave reviews but orders were disappointing and delays caused costs to balloon to about $6 billion and debt to pile up. Bombardier made things worse by trying to bring several new business jets to market at the same time. Weak sales forced it to abandon development of the Learjet 85 — resulting in a $2.5 billion writedown — and to cede control of the C-Series to Airbus for the humiliating sum of one Canadian dollar.ThyssenKrupp’s original sin was sinking about 12 billion euros ($13.3 billion) into a pair of steel plants in Brazil and the U.S. to try to keep pace with the acquisitive ArcelorMittal SA. Poor construction work and a faulty business plan led to massive losses from which ThyssenKrupp has never really recovered.Woeful governance had a hand in both corporate disasters. Bombardier has a dual-share structure that gives the founding Bombardier-Beaudoin families majority voting control even though they own a much smaller fraction of the share capital. Pierre Beaudoin served as chief executive officer from 2008 until 2015 — during which time his father, Laurent, remained chairman — but he didn’t do a very good job. Pierre is now the chairman.ThyssenKrupp’s anchor shareholder, the Krupp Foundation, presided over a management culture that prized fealty and the preservation of corporate perks, including the company’s hunting grounds, but failed to prevent compliance breaches. Recent boardroom fireworks at the German giant (two chief executives and a chairman have departed in quick succession) suggest it remains dysfunctional.In their attempt to stop the rot, ThyssenKrupp and Bombardier have followed a similar script. Scrap the dividend, sell underperforming assets, slash thousands of jobs and cut costs. But the cash flow needed to cut debt has never consistently materialized and things have got worse.In 2019 ThyssenKrupp burned through 1.1 billion euros of cash and it expects to consume even more in 2020, risking a breach of banking covenants. Bombardier burned about $1.2 billion in cash last year, far in excess of the roughly break-even target it set at the start of the year.A problem for both companies has been estimating the cost and completion date of large projects. It’s one reason why ThyssenKrupp’s industrial plant construction unit — once a decent source of cash flow from large customer prepayments — has become a bottomless money pit (the unit is now up for sale). At Bombardier, several high-profile train projects have run late and over budget. Bombardier must pay penalties for late delivery.Judging by their balance sheets, both companies appear to be in trouble. ThyssenKrupp has just 2.2 billion euros in net assets, while Bombardier’s liabilities far exceed its reported assets.However, unlike Bombardier’s, ThyssenKrupp’s bonds still trade well above par and its 7.4 billion euros market capitalization is almost four times that of the Canadian company. That’s because ThyssenKrupp still has something of value to sell: The elevators unit could fetch more than 15 billion euros if management decides to part with all of it (the sale process is ongoing and ThyssenKrupp might opt to keep a majority stake).Bombardier doesn’t face an immediate cash crunch thanks to the proceeds of recent asset sales and no big debt maturities this year. But having already offloaded its ageing Q400 turboprop aircraft line and its Belfast wing factory, it’s not exactly overburdened with stuff to sell to meet future liabilities.Neither of Bombardier’s two remaining core divisions, trains and private jets, is worth as much as ThyssenKrupp’s elevators. In 2015 Bombardier sold a 30% stake in its rail division to the Quebec public pension fund, valuing the whole unit at $5 billion. The business aviation division would probably fetch more.For both businesses, the difficulty with flogging more silverware is that what’s left over probably won’t generate much profit.The moral of these twin corporate calamities is simple: If tens of thousands of people depend on you for employment, don’t bite off more than you can chew. And make sure the higher-ups know what’s going on.To contact the author of this story: Chris Bryant at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Xerox Holdings Corp. is preparing to seek control of HP Inc.’s board after the personal-computer maker rejected efforts to negotiate an acquisition, according to people familiar with the matter.The iconic printer maker is expected to submit at least a majority slate of directors ahead of a Friday deadline for nominations to the 12-member board, said the people, who asked not to be identified because the matter is private.Xerox has no plans at this point to increase its bid for HP, the people said. The company is still finalizing its plans and may choose to run a full slate to replace the entire board, the people said.Xerox executives have argued the tie-up would revive both companies, which have been struggling, with products that complement their hardware businesses. A deal would unlock about $2 billion synergies, they’ve said.Representatives for Xerox and HP declined to comment.Xerox’s plans were first reported by Dow Jones. If the company pushes ahead with a formal proxy fight, it would represent a new level of hostility between two hardware giants that have withered in a world increasingly driven by software.Xerox ShrinksXerox’s machines revolutionized the way businesses run, but the shift away from printed documents has dented the Norwalk, Connecticut-based company, which has been declining in size for almost a decade.HP, once the world’s largest technology company by revenue, has taken dramatic actions to remain afloat, including splitting from its server, software and services arms in 2015.The company, based in Palo Alto, California, has grown modestly as it contends with a stagnant personal computer market. Still, HP believes it would be better off with a restructuring plan it announced last year than as part of Xerox.Offer RejectedHP in November rebuffed an unsolicited, cash-and-stock offer from Xerox worth an estimated $22 per share, saying it undervalued the company. HP also cited concerns about the financial health of its smaller rival, which has experienced declining annual revenue since 2012.HP’s board said it was open to exploring a merger, but believed the offer price undervalued the company. Activist shareholder Carl Icahn, who owns about 11% of Xerox and has a 4.3% stake in HP, has pushed for a tie up between the companies.Four of the seven Xerox board seats are held by representatives of Icahn and an allied shareholder. If Xerox took control of HP’s board, the two could, in effect, control both companies.Xerox announced Jan. 6 that it had arranged a $24 billion loan with a group of banks to finance the takeover. HP and its advisers had earlier questioned Xerox’s ability to raise the money needed to handle the deal.Following the financing announcement, HP said it believed the offer still undervalued the company.(Updates with details of merger efforts starting in sixth paragraph)\--With assistance from Fion Li.To contact the reporters on this story: Ed Hammond in New York at firstname.lastname@example.org;Scott Deveau in New York at email@example.com;Nico Grant in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, ;Liana Baker at firstname.lastname@example.org, Andrew Pollack, Michael HythaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Novartis' (NVS) MS drug, Mayzent, obtains approval in Europe for the treatment of adult patients with secondary progressive multiple sclerosis.