The Latest
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Fed holds main rate steady, citing lack of progress against inflation
Fed Chair Jerome Powell said that the central bank will likely need to sustain current borrowing costs longer than it had expected early this year.
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Auditoria.AI’s ‘human-in-the-loop’ option targets automation-wary finance teams
When it comes to new technologies, CEO Rohit Gupta sees CFOs and their finance teams as “fast followers” rather than early adopters.
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Amazon clinching bigger, longer cloud deals after AI boost: CFO
Amazon is the latest tech giant whose hefty AI spending has been rewarded by Wall Street in the current earnings season. Meta has been an exception.
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Deep Dive
Modern finance team makeovers: Chief accounting officers
CFOs and CAOs have developed a “symbiotic relationship” as the finance function morphs into a driver of business strategy.
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Cornell University CFO meets with students, protesters
As protests swept across U.S. college campuses last week, the Ivy League university's finance chief stepped into the fray.
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Wage gains, inflation undercut Fed forecast for three rate cuts this year
A report of rising wages prompted traders in interest rate futures to dial down bets on reductions in the Federal Reserve’s main interest rate.
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Meta falls in AI reckoning as Microsoft, Google soar
Investors rewarded AI spending strategies at Microsoft and Google but rebuffed Meta, whose stock plummeted.
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Global cyber talent shortage could hit 85M workers by 2030: report
Cybersecurity threat actors' innovative methods are driving up demand for professionals with diverse and specialized skill sets, the World Economic Forum said.
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Internal audit leaders need to hire more tech-savvy accountants: IIA
Companies hiring for internal audit need to prepare for disruption from new technology such as artificial intelligence and robotic process automation, IIA said.
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Cannabis firm MedMen files for bankruptcy
MedMen is liquidating its California assets following a failure to clamp down on excessive debt, with its seventh CFO in a five year period exiting ahead of its bankruptcy.
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FedNow pricing aimed at avoiding market disruption
The Federal Reserve aimed to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a Fed official said Wednesday.
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Trucking firm Saia CFO announces retirement
Douglas Col will stay on through the end of the year to ensure a smooth transition for his successor.
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Rising geopolitical worries, war drive CFO hedging, US Bank says
The threat of geopolitical tensions is a growing worry for finance leaders while concerns about inflation have eased, a U.S. Bank study found.
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‘Quantum advantage’ may boost businesses $2 trillion by 2035: McKinsey
The federal government has stepped up investment in quantum technologies, more than doubling research and development spending since 2019.
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Chemours CFO resigns following accounting investigation
Jonathan Lock’s resignation comes after an internal audit determined he had engaged in unethical financial practices.
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Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.
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Companies cut salary budget increases to 3.6%, trim promotions: Mercer
Plans for slower gains to salaries align with Thursday data showing that economic growth slowed to just 1.6% last quarter, far less than expected.
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Former Chuck E. Cheese exec takes Dave & Buster’s CFO seat
The change comes as Dave & Buster's looks to drive growth through a dining experience overhaul, among other initiatives.
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Opinion
Proposed PCAOB rule risks turning auditors into legal watchdogs
The NOCLAR proposal would impose on auditors greatly expanded responsibilities for identifying — or even preventing — noncompliance with a very wide range of laws, PwC’s Brian Croteau writes.
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More M&A players hold back stay-bonus ‘dry powder,’ WTW says
Despite a recent uptick in mergers and acquisitions, some buyers are nonetheless growing more guarded about tapping their retention bonus budgets.
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Heathrow CFO transitions to COO role
Javier Echave is exiting the CFO role on a high note, after a record 18.5 million passengers traveled through the airport during the first quarter.
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Tesla CFO eyes pullback in EV market amid slumping sales, restructuring
Tesla is leaning on AI, layoffs and new autonomous projects to help boost its future sales after a disappointing first quarter.
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FTC approves nationwide noncompete ban
In a difference from the proposed rule, senior executives subject to a noncompete agreement previously will remain subject to it; the ban will apply to executives going forward.
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Stubborn inflation to keep rates ‘higher for longer’: Fannie Mae
Economists have marked down their estimates for the number of quarter-point cuts to the federal funds rate from as many as six to one or two.
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Shifting accounting norms for the AI age: EY
The rise of AI in the accounting space could bolster the need for core financial skills and expertise, EY’s Daren Campbell says.