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• The bank offered refunds to mortgage customers who were improperly charged fees.

• The bank’s C.E.O. at the time, John Stumpf, was effectively ousted.

• About $75 million of compensation was clawed back from Mr. Stumpf and the former head of community banking, Carrie Tolstedt.

What the Fed said in its statement today:

The board’s action will restrict Wells Fargo’s growth until its governance and risk management sufficiently improves but will not require the firm to cease current activities, including accepting customer deposits or making consumer loans.

And here’s what Janet Yellen, in one of her final acts as Fed chairwoman, said of the latest punishments for Wells Fargo:

“We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again.”

Shares in Wells Fargo were down nearly 6 percent in after-hours trading.

How Wells Fargo will comply with the Fed’s orders

In a lengthy news release, the bank outlined a number of steps that it will take to satisfy the regulator’s demands.

Among them:

• Submitting plans to further improve both corporate governance and compliance operations

• Have third parties conduct reviews of those plans and how well they work

• Having another third party review risk management practices after the Fed’s limit on asset growth is removed

Here’s what Tim Sloan, Wells Fargo’s C.E.O., said:

“We take this order seriously and are focused on addressing all of the Federal Reserve’s concerns. It is important to note that the consent order is not related to any new matters, but to prior issues where we have already made significant progress.”

Peter Grauer, the chairman of Bloomberg L.P. Credit Bryan Bedder/Getty Images for Iwmf

In the department of predictable things ...

Peter Grauer, the chairman of Bloomberg L.P., disclosed today that he was stepping down as a director of the Blackstone Group. We can think of 20 billion reasons why.

Stocks have their worst day since Brexit

Rising anxiety over inflation and rising rates sent the Dow Jones industrial average tumbling 666 points, or 2.5 percent, its biggest one-day drop since the United Kingdom voted to leave the European Union.

The S&P 500 fell 2.1 percent, and the Nasdaq Composite was down 2 percent.

The plunge marked a stark shift in investor sentiment. Stocks have glided higher for two years, lifted by solid economic growth and corporate profits, low interest rates and few signs of inflation.

That smooth ride might now be ending.

Climbing bond yields have weighed heavily on stocks this week. The yield on the benchmark 10-year Treasury finished at 2.85 percent Friday, up from 2.66 percent a week ago, and at its highest level in four years. The Dow industrials finished the week off 4.1 percent, its biggest drop since January 2016.

By historical standards, Friday’s sell-off falls well short of some of history’s biggest. In fact, it doesn’t even crack the top 1,000, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Here are the top five:

1) -23.52 percent (12/12/1914)

2) -22.61 percent (10/19/1987)

3) -12.82 percent (10/28/1929)

4) -11.73 percent (10/29/1929)

5) -9.92 percent (11/06/1929)

Jon Huntsman Sr., chemicals billionaire, has died

Mr. Huntsman died this afternoon at the age of 80, according to the Salt Lake Tribune. He had been diagnosed with prostate cancer.

He built his fortunes — and his family’s power within the state of Utah — thanks to the fortunate marriage of chemicals and fast food. His chemical company won a contract to create a foam clamshell container for McDonald’s Big Mac, a business win that turned Huntsman into an industrial powerhouse.

He later turned to philanthropy, and in particular support for cancer research. He also was a founder of Huntsman Gay Global Capital, a private equity firm known today as HGGC.

Mr. Huntsman is survived by his children, including Jon Huntsman Jr., the former Utah governor and presidential candidate, and Peter Huntsman, who now runs the Huntsman chemical company.

Wage growth picks up

The United States economy added 200,000 jobs last month, above the 180,000 Wall Street economists had expected, with strong job growth continuing in January.

The numbers:

• The unemployment rate was at 4.1 percent, the same as in December and the lowest since 2000.

• Average earnings rose by 9 cents an hour and are up 2.9 percent over the past year.

• Revisions in the November and December figures produced a net loss of 24,000 jobs.

The bigger picture

Economists warned about reading too much into January’s strong wage numbers — several times during the recovery, wage growth has appeared to accelerate, only to fall back to earth. But they said there was little doubt that the latest numbers were an encouraging sign.

Critics’ corner

• “Wage gains for non-supervisory workers is less headline worthy, being 2.4% Y/Y, but the underlying trend is still up. Greater growth in lower wage industries remains the underpinning of the jobs market,” Steven Blitz of TS Lombard writes.

• “In a rational world, this would be a major inflection point stimulating profound public debate, Congressional hearings and a Presidential commission to map out possible policy paths in an age of Artificial Intelligence. Instead all we get is an already tired juvenile discussion around who gets political credit for the secular improvement in job creation and the economy,” Joseph Brusuelas of RSM US writes.

Dell is weighing a possible I.P.O. or merger with VMware

The computer maker said it is considering an initial public offering or a combination with its publicly held subsidiary VMware, Reuters reported.

The reasons

• Dell is under pressure to increase profits after its debt-laden, $67 billion acquisition of the data-storage provider EMC Corporation in 2016.

• It faces increased competition in its core hardware businesses and from cloud-based services provided by Amazon, Microsoft and others.

The context

• Dell went private five years ago in a $24.9 billion deal with private equity firm Silver Lake Partners.

• In 2016, Dell bought EMC for $67 billion. EMC owned 81 percent of VMware, which was publicly traded.

Is Apple about to go on a shopping spree?

The iPhone maker holds $269 billion in cash abroad and has said it will be bringing the vast majority of that back home thanks to the new tax law.

On Thursday’s earnings conference call, the company indicated it won’t be just sitting on that pile cash either.

Here’s what Luca Maestri, Apple’s chief financial officer, said:

“Our current net cash position is $163 billion, and given the increased financial and operational flexibility from the access to our foreign cash, we are targeting to become approximately net cash neutral over time.”

When asked about M.&A., Mr. Maestri responded:

“The thought process is always to acquire something that allows us to either accelerate our product road maps, filling a gap in our portfolio, providing a new experience to customers. So it’s always the customer experience in mind, right, that we make acquisitions. We look at all sizes, and we will continue to do so. We have plenty of financial flexibility, of course. We had that even prior to tax reform.”

Exxon’s shares are having their worst day in six years

Interest rate/inflation concerns might be driving the stock market’s decline today, but Exxon Mobil isn’t helping.

The stock is down 5.8 percent Friday after its earnings fell short of analysts’ expectations.

Exxon’s shares have underperformed over the last 12 months even as the price oil has rebounded. The stock is 0.6 percent over the past year, compared with a 222 percent gain in the Standard & Poor’s 500 index.

Critics’ corner

• “The big question still hanging over both Exxon and Chevron is whether the Big Oil model can thrive in shale at scale and actually deliver the return on capital their model demands,” Liam Denning writes. (Gadfly)

• “OPEC may be helping Big Oil stay sweet on crude for now. Last quarter’s earnings flubs, though, signal companies may have more mess to come,” Lauren Silva Laughlin writes. (Breakingviews)

CBS and Viacom may actually make a deal this time

Both boards have agreed to form special committees to consider a merger. It’s a big step toward a reunion of the two companies, which split in 2006.

The context

• Shari Redstone, who with her father controls the two companies, has pushed since 2016 to bring them back together.

• Disney’s deal for the bulk of 21st Century Fox has again left media companies wondering whether bigger might not only be better, but necessary.

• The CBS chief, Les Moonves, is more open to a deal than the last time, though still wary.

The big question: Could another company like Verizon jump in as a spoiler?

Critics’ corner

• Tara Lachapelle writes: “CBS isn’t safe from the industry’s broad ratings pressure and subscriber declines, which is why scale is important. Viacom won’t provide enough of it, but it will offer substantial cost-saving opportunities.” (Gadfly)

• The analyst Rich Greenfield writes: “CBS needs far greater scale and a recombination with Viacom is the most logical first step, albeit only a first step with several follow-on strategic moves needed (acquisitions or merger with an even larger entity).” (BTIG)

The media flyaround

• BuzzFeed is in talks with the Emerson Collective, Laurene Powell Jobs’s investment vehicle, about an investment in BuzzFeed News, according to unnamed sources. (FT)

• The publisher of Newsweek and the International Business Times bought website traffic and engaged in ad fraud, according to a BuzzFeed investigation. The publisher denies fraud. (BuzzFeed)

Amazon, Apple and Alibaba shine. Alphabet, not so much.

The big takeaways from the big tech earnings day yesterday:

• Apple sold fewer iPhones than expected in the quarter, but at higher prices, so profit was up 12 percent anyway. And it plans to spend almost all of its fabled cash hoard — perhaps on a combination of buybacks and a big deal.

• Amazon more than doubled its profit from a year ago, to $1.9 billion. This was the first time its earnings have surpassed $1 billion in a quarter.

• Alphabet reported a $3 billion loss, in part because of the tax law. But its results disappointed because of rising costs: It’s spending to capture market share in smartphone searches.

• Alibaba’s profit rose by a third, as the Chinese internet giant offered more and better services to vendors.

Critics’ corner

• “Investors are warming to this less highflying but still steady version of Apple,” Shira Ovide writes. (Gadfly)

• As Amazon’s third-party marketplace and ad division boom, “Some of the nearly $700 billion internet retailer’s fastest-expanding — and most profitable — businesses could be ones that irritate users,” Robert Cyran writes. (Breakingviews)

• “It wouldn’t hurt Alphabet to put more energy into revenue sources that don’t start with a G,” Jennifer Saba writes. (Breakingviews)

The tech flyaround

• Does Aramco want to be valued as a tech company in its forthcoming I.P.O.? (WSJ)

• Amazon’s patents for worker-prodding wristbands: the beginning of a dystopia? (NYT)

• HQ Trivia, the game that people cooler than us are playing, is raising $15 million in a new round led by Founders Fund at a valuation of $100 million, according to unnamed sources. (Recode)

Deutsche Bank’s shares slump after earnings miss

Here are the numbers:

• A €2.2 billion net loss for the fourth quarter

• A €1.4 billion charge from the U.S. tax overhaul

• A €500 million net loss for the year

What else has made investors unhappy:

• Higher-than-expected expenses

• Double-digit drops in revenue in three divisions

Critics’ corner

• Michael Huenseler of Assenagon, a German asset manager, said, “The results are disappointing again and we don’t see anything encouraging in them, reinforcing our doubts in the bank’s strategy and management.” (Bloomberg)

• Christopher Thompson writes, “Last month’s profit warning meant investors knew what was coming, but Deutsche still managed to give them an unpleasant surprise.” (Breakingviews)

HNA’s new money source: its workers

The Chinese conglomerate has about $90 billion in debt from splashing out on things like Deutsche Bank and Hilton Hotels. Its borrowing costs are going up, and asset sales are becoming necessary — it’s under the gun to find more money.

Which is why it appears to be asking employees for cash, according to Alexandra Stevenson and Cao Li of the NYT:

In an email dated Jan. 4, one HNA unit told employees that it needed nearly $8 million to fund a duty free business. It advertised a 9.8 percent annualized interest rate. One week later, HNA’s media and entertainment arm said it was looking to raise nearly $80 million from employees, pledging strong returns and a plan to build up the business.

What Gary Cohn had to say about an infrastructure plan

The White House adviser told Republican lawmakers at a retreat this week that infrastructure could be paid for in part by a new gas tax, according to Axios.

But Jonathan Swan of Axios has heard skeptical noises:

Top Republican sources tell me raising the gas tax seems unlikely given they’ve just passed a massive tax cut. It would be seen as raising taxes on the middle class and undoing all that good work.

The policy flyaround

• President Trump has cleared a path for House Republicans to release a contentious secret memo on the surveillance of a campaign aide, over the F.B.I.’s objections. (NYT)

• And he’s pressing Democrats to strike a compromise on the young immigrants known as Dreamers. (NYT)

• Jim Stewart analyzes the president’s economic claims and says it’s too early for him to declare success. (NYT)

• How business is trying to step into a void left by government. (NYT)

• The Trump administration’s proposal to let terminally ill patients try experimental medicines without additional liability for drug makers — known as “right to try” — excites libertarians, but has strong critics. (Politico)

The deals flyaround

• The Blackstone Group and Apollo Global Management beat earnings expectations, thanks to their seemingly unstoppable fund-raising. (FT)

• Steve Schwarzman of Blackstone offered this assessment of Masa Son of SoftBank: “He’s an outlier in terms of his — not to beat the phrase — vision.” (Bloomberg)

• Speaking of SoftBank, executives from its Vision Fund say they have a time frame of up to 300 years. That’s not a typo. (Axios)

• Elliott Management is posting printed presentations to fellow shareholders of the chip maker NXP as part of its campaign to push up Qualcomm’s takeover offer. (Reuters)

• AT&T is exploring selling its data centers, according to unnamed sources. (WSJ)

Don’t count on an Airbnb I.P.O. this year

The company’s co-founder and C.E.O., Brian Chesky, couldn’t have put it more plainly in a statement: “Let me address this directly. We are not going public in 2018.”

It’s also tricky to I.P.O. without a C.F.O., and Laurence “L.T.” Tosi is leaving the company after disagreeing with Mr. Chesky over both strategy and tactics. Mr. Tosi, who previously worked at the Blackstone Group, was meant to provide Wall Street experience.

Airbnb has hired an executive search firm to find a replacement, and has named Belinda Johnson, its top business operations executive, as chief operating officer.

Virtual currency moguls are flocking to Puerto Rico

They want to avoid government oversight and show the world what a crypto-utopia looks like.

Revolving door

• Kazuo Hirai is stepping down as Sony’s C.E.O. after six years, but will become chairman. His old job is going to the C.F.O., Kenichiro Yoshida. (WSJ)

The Speed Read

• British officials are secretly considering a customs union deal covering trade in goods with the E.U., according to people familiar with the discussions. (FT)

• The University of Pennsylvania revoked Steve Wynn’s honorary degree and stripped his name from a campus plaza and scholarship. It also revoked an honorary degree for Bill Cosby, something it had declined to do in 2015. (NYT)

• The advertising agency Droga5 fired its chief creative officer, Ted Royer, after telling its staff that it had hired an outside firm to investigate him. (NYT)

• The chairman of Guess, Paul Marciano, has denied any misconduct after being accused of sexual harassment by Kate Upton. (Bloomberg)

• Wells Fargo agreed to disclose the gap between what it pays men and women, as well as disparities affecting minority groups. (Bloomberg)

• The French dairy giant Lactalis has pulled over 7,000 tons of potentially contaminated baby formula and other powdered milk products from shelves across more than 80 countries in one of the biggest recalls of its kind, which has highlighted lax oversight and weak reporting standards. (NYT)

• India plans to give half a billion poorer citizens free health care. (NYT)

• Britain has been a pioneer in outsourcing public services to private contractors, but cracks in its system are becoming apparent. (NYT)

• Why is pay lagging in a tight job market? Possible culprits include lower unionization, constraints on competition and automation. (NYT)

• Rick Rieder, the manager of BlackRock’s Strategic Income Opportunities bond fund, wants it to be a steady winner that doesn’t take any big bets. (Bloomberg)

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