RESTAURANTS

Ravenna's first Chipotle

to include pickup window

Ravenna will soon welcome its first Chipotle restaurant, and the chain's new prototype store will include a pickup window.

The Record Courier reported that the Ravenna Planning Commission recently approved plans for the restaurant at 787 E. Main St. in front of a Giant Eagle store.

The building will include an outdoor patio. Chipotle is aiming to open the store by year's end.

BANKING

Wells Fargo CEO to exit

following rough tenure

Wells Fargo's CEO Tim Sloan stepped down Thursday after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals.

Sloan said in a prepared statement he will give up his roles as CEO, president and member of the bank's board of directors effective immediately. He will retire from the bank completely on June 30.

Sloan's led the banking giant for less than four years. A longtime insider, Sloan was chosen to replace outgoing CEO John Stumpf, who resigned after Wells Fargo employees were found to have opened millions of bank accounts fraudulently in order to meet unrealistic sales goals.

REAL ESTATE

U.S. mortgage rates post

steepest drop in a decade

Purchasing a home just became a lot cheaper, thanks mostly to the Federal Reserve's decision last week to put its interest rate hikes on hold for now.

Mortgage buyer Freddie Mac said Thursday that the average 30-year fixed rate mortgage plunged to 4.06 percent this week, down from 4.28 percent last week. That's the steepest weekly drop in a decade.

Last week, Fed chairman Jerome Powell said the U.S. economy faces several headwinds, including slowing global growth, a trade war with China, and fading impacts from last year's tax cuts.

ECONOMY

Commerce Department

revises growth estimate

U.S. economic growth slowed sharply in the fourth quarter last year to an annual rate of just 2.2 percent. There are concerns that growth has slowed even more in the first quarter this year as global weakness, fading government stimulus and rising trade tensions take a toll on the economy.

The increase in the gross domestic product, the economy's total output of goods and services, was revised down from an initial estimate of 2.6 percent growth in the fourth quarter, the Commerce Department reported Thursday.