CFOs trim growth estimates amid credit squeeze: Fed

The extent of credit tightening triggered by turmoil in the banking system in March is unclear, according to the Federal Reserve.

By Jim Tyson • June 29, 2023

‘More restriction coming’ from Fed rate hikes: Powell

The Federal Reserve will probably not succeed in tamping down inflation to its 2% goal until 2025, Fed Chair Jerome Powell said.

By Jim Tyson • June 28, 2023

ESG standard setter releases global reporting rules

The global effort to harmonize rules for corporate sustainability reporting will now focus on rallying adoption of its voluntary standards in dozens of jurisdictions worldwide.

By Jim Tyson • June 27, 2023

Pricefx CFO stresses diversification in business funds

In a post-SVB world, diversifying funds is key to a healthy business, according to CFO Gillian Sheeran.

By Elizabeth Flood • June 27, 2023

KPMG cuts about 1,900 more US jobs

The layoffs will include cuts in its audit business — a notable shift given the company and the industry have recently struggled with accounting talent shortages.

By Maura Webber Sadovi • June 27, 2023

Amex promotes deputy to CFO

When long-time American Express CFO Jeff Campbell exits in August, the company’s deputy CFO, Christophe Le Caillec, will take the top financial post.

By Caitlin Mullen • June 27, 2023

AI linked to new crop of business email scams

Businesses can no longer count on bad spelling and grammar to red-flag problem emails: Fraudsters are using AI to craft well-written email messages at scale.

By Alexei Alexis • June 27, 2023

‘Stalling’ economy will fall into recession in Q4: Fannie Mae

The Fed will likely trigger a downturn as it sustains high interest rates to cool the labor market and curb inflation, Fannie Mae said.

By Jim Tyson • June 26, 2023

SEC puts SolarWinds CFO on notice in cyberattack probe

The news underscores the growing legal exposure that CFOs have as they are increasingly expected to take on broader remits of responsibilities — including technology.

By Maura Webber Sadovi • June 26, 2023

Accountants need to advance ‘social agenda’: ACCA

The accounting profession should not delay in helping ensure a “just transition” and promoting social welfare, the ACCA said.

By Jim Tyson • June 23, 2023

SEC General Counsel defends climate risk disclosure rule

Republican lawmakers accused the SEC’s top attorney of stonewalling requests for information on the agency’s regulation and enforcement.

By Jim Tyson • June 22, 2023

Judge delays hearing on suits piling up against SVB, execs

Just over three months after SVB Financial Group was closed by regulators, at least four proposed class actions have been filed against the firm and its former top executives.

By Maura Webber Sadovi • June 21, 2023

Powell signals Fed likely to hike rates again this year

High inflation has persisted far longer than Fed policymakers and private sector analysts expected, Powell said in testimony to a House committee.

By Jim Tyson • June 21, 2023

Remote work erodes productivity by 4%: NY Fed

Employees who worked remotely before the pandemic continue to be 8% less productive than their peers who worked in the office before the onset of COVID-19, the New York Fed found in a case study.

By Jim Tyson • June 20, 2023

B2B payment fraudsters exploit security holes: Trustpair

Companies’ reliance on manual, rather than automated, business-to-business fraud prevention measures is providing an opening for scammers, according to Trustpair CEO Baptiste Collot.

By Alexei Alexis • June 20, 2023

Trump-leaning counties gain half of investment under Biden: Brookings

A Biden administration program to create a “leading-edge, techno-industrial base” and strengthen the middle class has disproportionately benefited Trump supporters.

By Jim Tyson • June 15, 2023

CFOs lower growth expectations, cut costs: Deloitte

Finance leaders are less willing to take on new risks and less optimistic about their companies’ financial prospects as their CEOs urge them to continue slashing costs.

By Grace Noto • June 15, 2023

Fed pauses tightening while raising end-of-year rate projection

Before its next meeting in late July, the central bank plans to assess the impact from the most aggressive monetary tightening in four decades.

By Jim Tyson • June 14, 2023

Inflation cools, increasing odds of pause in Fed rate hikes

Traders in interest-rate futures predict the Fed on Wednesday will forgo a rate increase, postponing a further tightening until late July.

By Jim Tyson • June 13, 2023

Cybercriminals target high-profit companies: AEI

Investors in recent years have responded faster to news about a cyberattack, AEI researchers said.

By Jim Tyson • June 12, 2023

Cyber startup DTEX snatches ‘high-growth’ CFO

The appointment will support DTEX’s growth trajectory amid rising demand for its insider risk management services, the company said.

By Alexei Alexis • June 8, 2023

PCAOB aims to sharpen auditor focus on fraud

The U.S. audit watchdog said its newest proposal would speed notification of noncompliance, reducing ultimate costs to investors.

By Jim Tyson • June 7, 2023

GOP lawmakers tell Gensler not to bow to EU’s tough climate rules

The Biden administration aims to allow strict EU standards on climate risk to guide actions by U.S. companies, according to top Republican legislators.

By Jim Tyson • June 6, 2023

Tight credit to trigger recession in final half of 2023: Moody’s

The U.S. service sector stalled last month, the Institute for Supply Management said Monday, adding to signs of a potential downturn in the months ahead.

By Jim Tyson • June 5, 2023

Companies weigh case for emerging active shooter insurance

While mass shootings are unfortunately not new, insurance policies that specifically take them into account only began emerging around 2016.

By Chris Gaetano • June 5, 2023