The Latest
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Fed likely to hold rates high before cutting twice in Q4: Conference Board
Central bank officials this week have signaled that strength in hiring and economic growth may prompt the Fed to keep interest rates high longer than previously expected.
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AI-driven cash flow management startup gets $15M boost
Panax is among companies that say they’re seeing high demand for finance automation tools as businesses try to navigate an uncertain economic environment.
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Vroom swaps in new CFO after shuttering online car sales
The leadership change comes after Vroom announced in January that it was discontinuing its online used vehicle sales platform in order to preserve liquidity.
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Tenants retain upper hand as US office vacancy hits fresh high: CBRE
Many office landlords are continuing to offer tenants generous concessions as hybrid work and other factors weigh on demand.
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Generative AI enables small accounting firms to challenge big ones: AICPA
Accountants should respond to the rapid pace of generative AI adoption by embracing it and delving into experimentation, the AICPA said.
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UPS CFO set to depart, citing health
The parcel delivery service’s CFO will be stepping down to focus on his personal health as UPS struggles to boost sagging shipping volumes.
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Fraud detector Traceable zeroes in on GenAI threats
The startup is rolling out new AI-related threat detection capabilities on the heels of securing $30 million in funding from investors, including Citi Ventures.
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Only 34% of firms deploy safeguards against generative AI threats: Splunk
Generative AI gives cyberattackers an edge over cyber-defenders, according to security experts surveyed by Splunk.
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Marriott gears up for another year of major tech spending
The company expects full-year investments to reach $1 billion as digital transformation projects advance, according to its latest earnings call.
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Trump Media replaces auditor charged with fraud
The Sarasota, Florida-based media company dismissed its former auditor on Friday, the same day the SEC charged BF Borgers with “massive fraud.”
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Coca-Cola exec to take Diageo CFO seat
Diageo is tapping Coca-Cola alum Nik Jhangiani for its CFO as the Guinness maker battles slumping sales in the face of changing consumer tastes and spending trends.
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Microsoft says cybersecurity overhaul will impact top execs’ pay
The development follows harsh criticism by a Department of Homeland Security panel of the company’s response to a 2023 breach.
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SEC hits Trump Media auditor with $12M fine
BF Borgers, an auditor of public company financial statements, has committed massive fraud impacting more than 1,500 SEC filings, the agency said.
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Businesses need ‘eye in the sky’ scanning for geopolitical risks: McKinsey
Building a coordinated scanning and oversight capability can help organizations separate signal from noise, says Ziad Haider, a partner and global director at McKinsey.
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Opinion
Why collections need more CFO love in today’s cash-hungry market
With higher rates and an uncertain economy, many companies are paying invoices late because they don’t know when capital will be available next, Capchase’s Przemek Gotfryd writes.
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Peloton cuts jobs, searches for new CEO amid financial turmoil
“We made some very tough decisions, and while we firmly believe these actions are the right thing to do for the business, cuts like this are painful,” CFO Liz Coddington said.
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Driven Brands CFO resigns after one year on job
The automotive services company’s shares slumped Thursday after it released earnings and announced its finance chief is leaving the company.
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US inches forward on real-time payments: report
“Real-time payments are still in their infancy in the U.S., accounting for only a 1.5% share of the total payments volume in 2023,” according to a report by ACI Worldwide.
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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.