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Citigroup has increased Jane Fraser’s pay by nearly a quarter to $42m, in a vote of confidence for the chief executive leading a high-stakes revamp of the Wall Street bank. Her compensation comprised a $1.5m base salary and a $40.5m bonus, in addition to a previously awarded $25m retention package vesting over five years. The pay rise follows a 66% surge in Citi’s share price during 2025 as the bank advanced an overhaul expected to eliminate 20,000 jobs and complete more than 80% of its transformation plan. Citi said the package reflects Ms. Fraser’s role in strengthening performance and positioning the bank for growth, with return on tangible common equity rising to 7.7%, though still short of its 10% target. Ms. Fraser’s remuneration places her among Wall Street’s highest-paid banking chiefs, just behind JPMorgan’s Jamie Dimon and below Goldman Sachs’ David Solomon and Morgan Stanley’s Ted Pick.

 

Financial Times

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Wall Street Journal

Constellation Brands has named Nicholas Fink as its new chief executive, replacing Bill Newlands, as the Corona and Modelo maker navigates softer alcohol demand and economic uncertainty. Mr Fink, currently chief executive of Fortune Brands Innovations and a Constellation board member for the past five years, will assume the role on April 13th. Mr Newlands, who has led the company since 2019, will step down from the board but remain as a strategic adviser during the transition.

 

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The Financial Times reports that President Donald Trump is planning to scale back some tariffs on steel and aluminum goods, as he battles an affordability crisis that has sapped his approval ratings ahead of November’s midterm elections. Sources close to the White House say that a review of the list of products affected by the up-to 50% tariffs is underway, citing a belief among trade and commerce officials that consumers are being hurt by higher costs for goods such as pie tins and food and drink cans. That viewpoint is supported by a new report from the Federal Reserve Bank of New York, which says that 90% of the tariffs imposed by the president on imported goods are borne by American consumers and companies. The paper said that between January and August of last year, Americans took 94% of the hit from Trump’s tariffs. During September and October, that ebbed to 92%, settling to 86% in November.

 

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New York Times

Reuters

U.S. applications for unemployment benefits fell by 5,000 to 227,000 in the seven days to February 7th, remaining within a historically healthy range, the Labor Department reported on Thursday. The figure was in line with expectations and suggests layoffs remain relatively low despite recent high-profile job cuts at companies such as UPS, Amazon and Dow. The four-week average of claims rose slightly to 219,500, while continuing claims, reported with a one-week lag, increased to 1.86m. Recent data showed employers added 130,000 jobs in January and the unemployment rate dipped to 4.3%, though revisions sharply reduced previously reported job gains for 2024–2025. Economists remain divided on whether the stronger January hiring marks a rebound or a temporary uptick, as uncertainty over tariffs and high interest rates continues to weigh on the labor market.

 

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The U.S. Environmental Protection Agency has announced the repeal of the “endangerment finding,” a scientific determination made in 2009 during Barack Obama’s administration, which empowered the EPA to regulate greenhouse gases. The rule classified carbon dioxide and five other greenhouse gases as a threat to public health. The endangerment finding underpinned regulations that set emissions standards for cars and light trucks, power plants, and oil and gas industry facilities. “This is about as big as it gets,” President Donald Trump said at the White House with EPA Administrator Lee Zeldin. Obama said in a social media post that the Trump administration’s action makes the U.S. “less safe, less healthy and less able to fight climate change - all so the fossil fuel industry can make even more money.”

 

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Gail Slater, the head of the U.S. Justice Department's antitrust division, which enforces laws against illegal monopolies, has stepped down less than a year after being appointed by President Donald Trump. Earlier this week, Mark Hamer, the second-in-command at the division, said he was exiting the Trump administration after nearly a year in the role. Reuters says the departures leave the division with few senior leaders at a time when companies facing antitrust investigations have increasingly hired Trump-connected lobbyists to influence the outcomes of their cases. Omeed Assefi, another senior official in the antitrust division, is expected to become its acting director, according to people familiar with the matter.

 

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A federal judge in Texas has blocked a rule that expanded the amount of information companies must provide when seeking a merger review. U.S. District Judge Jeremy Kernodle said the rule exceeded the authority of the Federal Trade Commission (FTC). Kernodle, an appointee of President Donald Trump, said the FTC had not demonstrated the benefits of the rule would outweigh its costs. "Though the FTC asserts that the rule will detect illegal mergers and save agency resources, the FTC fails to substantiate these assertions," he wrote.

 

Reuters

Bankers interviewed by Reuters say a months-long rout in software stocks is beginning to disrupt sector deal-making and IPOs as volatility makes valuations unreliable and potential buyers cautious. Mike Boyd, the global head of M&A for Canada's CIBC, said agreeing on price is more difficult when the market is volatile, so negotiating deals becomes more challenging.

 

Reuters

GE Aerospace is upgrading its Singapore repair hub with automation, digital tools, and AI to address overloaded engine repair queues and scarce parts. Veteran technician Suresh Sinnaiyan is teaching a robot to replicate the delicate manual “blending” of compressor blades, a task requiring “eye, feel and coordination.” GE says the broader effort could total up to $300m and raise repair volume by 33% without expanding floor space. CEO Larry Culp said, “It’s not about sprinting at quarter’s end . . . It is making every hour and every day count.”

 

Reuters

FedEx has set a target of $98bn in annual revenue by fiscal 2029, implying a 4% compound annual growth rate from the midpoint of its current-year outlook, as it shifts focus toward higher-margin and premium segments following the planned spinoff of its freight business. The group, which generated $87.9bn in revenue in fiscal 2025 and expects around $93.5bn in fiscal 2026, said it will prioritize healthcare, aerospace, automotive and premium e-commerce customers, while expanding digital, AI and automation capabilities to drive higher margins. FedEx also expects third-quarter adjusted earnings to exceed consensus forecasts and is targeting improved operating income and margins by 2029.

 

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QXO has agreed to acquire building materials distributor Kodiak Building Partners for approximately $2.25bn in cash and stock, in a deal it expects to be highly accretive to 2026 earnings. Kodiak’s owners will receive $2bn in cash and 13.2m shares, which QXO retains the option to repurchase at $40 per share. The acquisition expands QXO’s addressable construction materials market to $200bn and continues its rapid, acquisition-led growth strategy under chief executive Brad Jacobs. Kodiak generated around $2.4bn in sales in 2025, with significant exposure to Texas and Florida.

 

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AICPA has recommended that the IRS modify the “determine and document” requirement in in transition guidance tied to section 951(a)(2)(B) under H.R. 1. In a letter to the Treasury Department, AICPA suggested either eliminating or significantly reducing the documentation needed for taxpayers. Joe Calianno, managing director at Andersen, highlighted the challenges in obtaining necessary tax information, saying: “Requiring taxpayers to obtain or reconstruct such information after the fact may be impracticable or impossible.” AICPA's letter emphasizes the need for clearer guidelines, particularly for transactions that have already closed, making their recommendations crucial for compliance. Reema Patel, Senior Manager for Tax Policy and Advocacy at AICPA, noted that many transactions affected by the transition rules have already concluded, underscoring the urgency of their proposals.

 

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Google is being investigated by the European Commission over concerns it is illegally rigging the cost of advertising on its search engine. The tech giant is suspected of "artificially increasing the clearing price" of ad auctions "to the detriment of advertisers," which could violate competition rules. “Google Search ads help small businesses compete with the biggest brands, driving economic growth and keeping the web free for everyone,” Google said in an emailed statement. “Ad prices are determined by a real-time auction designed to show people the most relevant ads, taking into account factors like advertiser competition and ad quality.”

 

Bloomberg

Tax police in Italy have searched Amazon's headquarters in Milan in a new tax evasion probe, two sources have told Reuters. The Guardia di Finanza tax police also searched the homes of seven Amazon managers and the offices of auditing firm KPMG. The tech giant said in a statement that the Milan prosecutors' actions were "aggressive and wholly disproportionate" at a time when it was engaged in a "transparent dialogue with Italian tax authorities to gain clarity on complex technical matters." The ongoing investigation is examining whether the company had an undisclosed, permanent base in Italy from 2019 to 2024 and should therefore have paid more local taxes.

 

Reuters