The Latest
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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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AI reckoning dominates big tech’s latest earnings season
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.
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ADM’s suspended CFO to resign amid accounting scandal
Vikram Luthar — who was placed on a forced leave in January — will assist the company and be paid his base salary until his resignation is effective on Sept. 30.
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PE-backed Kent Outdoors seats new CFO, hunts for Kona Bicycles buyer
Rob Otto is joining the Utah-based company as it puts a beloved mountain bike maker on the block and pivots to focus on water sports.
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Big Six tech firms’ profit momentum could be headed for collapse: UBS
The companies’ growth in earnings per share is projected to drop to 15.5% by the first quarter of 2025, from an estimated 42.2% for the same period in Q1 2024.