Confirmed: VW Group plans to cut half its model range and 100,000 jobs

Volkswagen appointed Marco Schubert as North America chief, replacing Kjell Gruner. Schubert will join the Extended Executive Committee on Oct. 1. The move follows declining U.S. sales, down 13.6% in 2025 and 7.4% in H1 2026. Schubert has 25+ years of experience at Volkswagen Group, including roles at Audi, Skoda, and Porsche.

Germany’s VDA industry chief Hildegard Müller told Bloomberg that Europe’s auto sector faces further restructuring, including additional job cuts and plant closures, to remain competitive. She linked the outlook to Volkswagen’s current problems and cited high energy and labor costs and regulatory pressure. The article also notes VW is reportedly considering closing four German factories and cutting up to 100,000 jobs, and SAIC Motor plans a €200m plant in Spain targeting 120,000 vehicles annuall

ICICI Bank issued USD 500 million in senior unsecured fixed-rate notes under its USD 7.5 billion GMTN program. The notes received BBB from S&P and Baa3 from Moody's and will be listed on multiple exchanges. The bank's shares traded at Rs. 1425.00 on BSE, with a turnover of Rs. 944.47 million.

The Trade Desk (TTD) stock rose 0.2% in pre-market trading after announcing a 15% global headcount reduction, affecting 575 employees. The restructuring, expected to cost $39M-$51M, aims to create smaller, more agile teams. CEO Jeff Green cited strong financial health with $1.5B in cash and no debt. An analyst reiterated a Buy rating and $19 price target, citing potential upside from a competitor's restructuring.

Simmons First National (SFNC) stock rose 2% after Piper Sandler upgraded it to Overweight, raising its price target to $27.50. The bank plans to close 26 branches by 2026, aiming to improve efficiency. Piper Sandler increased its 2027 EPS estimate to $2.38. Keefe, Bruyette & Woods maintained a Market Perform rating but raised its target to $25.00, citing near-term costs.

Phillips 66 (PSX), Target (TGT), and Wells Fargo (WFC) paid dividends on September 1, 2026. Target and Wells Fargo raised their rates, with Wells Fargo increasing its quarterly dividend by 11% to $0.50 per share. Phillips 66's shares surged 97% year-to-date, reporting Q2 EPS of $9.41, exceeding expectations. Target's Q2 EPS was $4.11 on revenue of $26.54B, while Wells Fargo returned $5.4B to shareholders in Q1 2026.