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$USB's provision for income taxes was $504MM, which resulted in an effective rate of 26.5% for 1Q16 vs. $479MM and an effective rate of 24.9% for 1Q15. The increase in provision for income taxes was the result of resolution of certain tax matters in 1Q15.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.