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Large corporations are resisting the idea of replacing core enterprise software with artificial intelligence (AI), instead maintaining systems such as SAP, Salesforce and Workday while exploring how AI can enhance them. Technology leaders say these platforms remain too complex and critical to replicate, particularly given regulatory, operational and maintenance challenges. Instead, companies are increasingly using AI coding tools to build smaller, customised applications and automate workflows on top of existing systems, a trend often referred to as “vibe-coding”. This approach allows businesses to reduce costs, avoid expensive software upgrades and exert pricing pressure on vendors, while focusing internal resources on areas that provide competitive advantage. Over time, executives expect AI agents to become the primary interface for interacting with enterprise software, shifting traditional applications into more of a data backbone role rather than replacing them entirely.

 

Wall Street Journal

UBS has secured a U.S. national bank charter, enabling it to expand its wealth management business by offering full-service banking and attracting more deposits from American clients. The move is part of a broader strategy to grow its presence in the world’s largest wealth market and target not only ultra-wealthy individuals, but also affluent clients. The license will allow UBS to introduce services such as checking and savings accounts, helping it compete more directly with rivals like JPMorgan and Morgan Stanley by positioning itself as a one-stop shop for banking and investment needs. The bank hopes this will improve profitability in its Americas division, which already accounts for roughly half of its global wealth assets but has higher costs.

 

Bloomberg

Reuters

Wall Street Journal

The Trump administration has issued a legislative framework for a single national policy on artificial intelligence that aims to create uniform safety and security guardrails around the nascent technology while preempting states from enacting their own AI rules. "We need one national AI framework, not ​a 50-state patchwork,” Michael Kratsios, science and technology adviser to Trump, told The Daily Signal. "And I think one of the ​key provisions of it that will make it all work and come together is really focusing on the bipartisan consensus around protecting America’s ‌children." Daniel Cochrane, a tech policy expert at the Heritage Foundation, said the preemption could stymie states in addressing harms that “would endanger our kids and disable responsible AI governance essential for human flourishing . . . States remain the American people’s first and best line of defense against Big Tech.” 

 

CNBC

The Daily Signal

Reuters

A U.S. court decision in a long-running lawsuit against BDO USA could have far-reaching implications for the accounting industry, potentially making it easier for investors to sue auditors over negligent work. The case stems from the collapse of hedge fund Platinum Partners, where investors accused BDO of failing to detect major asset overvaluations. An arbitration panel awarded more than $9m to investors, a decision later upheld by a New York judge. Crucially, the court found that investors could establish a sufficient relationship with BDO, despite no direct communication - because the firm knew its audit reports would be shared with and relied upon by investors. This interpretation challenges longstanding legal protections that have historically shielded accounting firms from investor lawsuits unless a close contractual relationship existed. The ruling, which is under appeal, could open the door to more claims against auditors, increasing pressure on firms to strengthen audit rigor and independence. 

 

Accounting Today

A jury has concluded that Elon Musk ​defrauded Twitter investors when ‌he disparaged the company in 2022 in ​an attempt to ​acquire the social media network ⁠for a lower ​price than his original $44bn bid. Jurors in federal ​court in San ​Francisco found on Friday that ‌Musk ⁠intentionally misled Twitter shareholders when he tweeted the social media ​platform, which ​was ⁠later renamed X, had too ​many fake accounts ​and ⁠tried to back out of the deal. Mark Molumphy, a lawyer for the investors, said he believes the damages will amount to $2.6bn. “This case is much bigger than Twitter, this case goes right to the heart of Wall Street and what’s been going on in recent years,” observed Joseph Cotchett, Molumphy’s partner at Cotchett, Pitre & McCarthy. “It’s a great example of what you cannot do to the average investor.”

 

Bloomberg

According to a recent survey by Randstad USA, finance, accounting, and tax employees are increasingly concerned about job security due to the rise of artificial intelligence (AI). The survey, which included 1,752 workers and 55 employers, revealed that 52% of financial services talent feel their job prospects have worsened in the past year because of AI. Despite these concerns, many employees are not opposed to AI; 70% believe their employers should invest more in AI skills, and 71% feel that AI enhances their productivity. Greg Dyer, chief commercial officer at Randstad North America, stated: "Amidst economic pressure and the growing adoption of AI in the workplace, talent in the U.S. are recalibrating what they expect from work." The report also highlighted a significant decline in entry-level roles, with a 24% drop in job postings for positions requiring less than two years of experience. In contrast, demand for senior professionals has increased by 6%.

 

Accounting Today

Artificial intelligence start-up OpenAI plans to nearly ​double its workforce to 8,000 ‌from 4,500 by the end of 2026, the Financial Times has reported, ​citing two people with knowledge of ​the matter. The maker of ChatGPT is ​also increasing recruitment of specialists focused on "technical ambassadorship," ‌to help businesses make better use of its tools, the report added. The hiring plans come amid a race with competitors including Anthropic and Microsoft to woo corporate customers using AI as coding assistants.

 

Bloomberg

Financial Times

Reuters

The U.S. economy is expected to face further slowing growth, according to the Conference Board’s Leading Economic Index, which dipped 0.1% to 97.5 in January following a prior decline. The drop reflects weakening consumer expectations and softer building activity, pointing to ongoing economic headwinds. Although the pace of decline has moderated over the past six months, the outlook remains uncertain, particularly amid geopolitical tensions, including conflict in the Middle East. As a result, the Conference Board has slightly lowered its 2026 U.S. growth forecast to 2.0%. The index, which tracks key forward-looking indicators such as manufacturing orders, housing permits, stock prices, and consumer sentiment, suggests the economy is likely to continue cooling in the near term despite some signs of stabilization.

 

Wall Street Journal

The IRS has announced an extension of temporary relief for investors in digital assets, including cryptocurrency, through December 31st 2026. This extension, outlined in Notice 2026-20, allows eligible taxpayers to utilize alternative methods for identifying digital asset units held by brokers during the specified relief period. The IRS previously issued Notice 2025-7, which provided similar relief for 2025, enabling taxpayers to make adequate identifications without needing to communicate directly with their brokers. The IRS aims to accommodate taxpayers as custodial brokers enhance their systems for reporting digital asset transactions.

 

Accounting Today

Chinese Premier Li Qiang has pledged to further open ​the country's economy to foreign businesses and pursue more balanced trade with its global partners. Li told the China Development Forum in Beijing that China will import more high-quality foreign goods and work with all parties to promote optimised and balanced trade development. He also touted China as a safer, and more reliable and stable, partner in contrast to an America embroiled in a war with Iran. Li didn’t directly name the US. Global chief executives including Apple’s Tim Cook, UBS’s Sergio Ermotti and HSBC’s Georges Elhedery attended the annual two-day gathering.

 

Financial Times

Reuters

The World Bank has identified tourism, healthcare, advanced manufacturing, agriculture and renewable energy as the most AI-resilient sources of employment, as the lender adjusts its approach to account for the potential impact of the technology on workers as it seeks to boost job creation amid a deepening global jobs crisis. The Washington-headquartered bank said it is working with the private sector to create jobs, as research shows that 80% of employment needs to come from the private sector. World Bank Chief Knowledge Officer Paschal Donohoe said in an interview: “We are now looking at how we can engage with governments in projects in those areas . . . We believe on balance actually that in those kind of sectors, AI will not be the challenge to job creation that it could be in the economy overall.” An estimated 800 million people worldwide lack adequate employment, Donohue said.

 

Bloomberg

Ghana News Agency

A growing minority of Americans believe it is morally wrong to be a billionaire, with younger generations, particularly Gen Z, far more likely to hold that view, according to a Pew Research survey. While 18% see extreme wealth as unethical, most Americans either view it as morally neutral or acceptable. The generational gap is stark: roughly one-third of Gen Z respondents consider billionaire wealth morally wrong, compared with far lower shares among older groups. Despite this divide, concern over wealth inequality is widespread, with large majorities saying the wealth gap is a serious problem and supporting higher taxes on the ultra-wealthy. Data shows the concentration of wealth in the U.S. has grown significantly, with the richest households holding an increasingly large share of total assets. The findings highlight rising unease, especially among younger Americans, about extreme wealth and its broader social impact, even as opinions remain mixed on its moral implications.

 

Fortune