Happy Valentine’s Day! If you are thinking about buying your loved one chocolate, then maybe avoid Dove right now. Mars Wrigley has been fined by US regulators after two workers fell into a tank of Dove chocolate. Market commentators have questioned the validity of the penalty arguing that that’s what you get when you guzzle down sweets, eating as much as an elephant eats.

The lowdown

• 🛒 Amazon CEO Andy Jassy says the company will ‘go big’ on physical stores.

• ✂️ Twilio announces another restructure and will lay off 17% of its workforce.

• 🔮 Shares in Palantir soar after the company forecasts its first profitable year.

Featured Stories

A lack of confidence in Credit Suisse

Credit Suisse did not have a good 2022. In fact, it had its worst year since the global financial crisis. The bank has been performing poorly, due to a combination of factors, including losses related to the collapse of Archegos ($) and its exposure to Greensill Capital. 

There was concern in 2022 that the bank was on the verge of collapse, but things have steadied somewhat since then and the bank has put forward a turnaround plan. The plan involves a restructure that will see thousands of layoffs, and a move away from investment banking and a deeper focus on wealth management.

There appears to be a problem with that plan – the wealth business shed 15 percent of its assets under management in just three months ($). This is despite assurances from management that withdrawals had stabilized. Unsurprisingly, shares in Credit Suisse fell 15% when this news was announced. The company remains Credit Sus.

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The content we're consuming today

• FT: EY quits as auditor of MJ Hudson following ‘loss of trust’ ($).

• WSJ on YouTube: The Nissan-Renault Shakeup, Explained in Five Minutes.

• The Verge: Twitter is just showing everyone all of Elon’s tweets now.

Off-balance sheet items

• If you haven’t read Shoe Dog – the memoir of Nike co-founder Phil Knight – then you should. And if you liked it, get ready for ‘Air’ which traces the creation of Air Jordans, with Ben Affleck starring as Phil Knight.

The bottom line