Banks expect to tighten credit throughout 2023: Fed

A pullback in bank credit that began in 2022 has accelerated since a flare-up in financial sector instability started in March.

By Jim Tyson • May 8, 2023

Robust hiring persists despite credit tightening

Unemployment remains unusually low even though the Federal Reserve has sought to curb inflation and trim growth by raising the main interest rate to the highest level since 2007.

By Jim Tyson • May 5, 2023

Fed hikes main rate while ‘highly attentive to inflation risks’

The central bank increased borrowing costs even though the failure of First Republic Bank has rekindled concerns about banking system instability.

By Jim Tyson • May 3, 2023

Fed mulls rate hike as wage gains beat forecasts, fuel inflation

Compensation by one measure is rising at the fastest pace since 2008, stoking expectations that policymakers on Wednesday will further increase borrowing costs to quash inflation.

By Jim Tyson • May 2, 2023

Record high office vacancies spur sublease discounts

The U.S. office vacancy rate ticked up to a 30-year-high of 17.8% in the first quarter as hybrid work and recession fears weighed on demand, according to CBRE.

By Maura Webber Sadovi • May 2, 2023

AI boosts productivity 14%: NBER case study

Generative AI improved customer service at a Fortune 500 company by prompting less experienced staff to adopt the best practices of their most talented co-workers.

By Jim Tyson • May 1, 2023

JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says

JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light upon regional banks.

By Grace Noto • May 1, 2023

Audit partners suffer after writing critical ICOs: study

Audit firms face a conflict between sustaining income from client fees and their legal obligation to identify weaknesses in a client’s internal controls, researchers said.

By Jim Tyson • April 28, 2023

Small businesses upbeat about surviving recession: BofA

Robust consumer spending buoyed economic growth during the first quarter amid widespread forecasts of recession.

By Jim Tyson • April 27, 2023

Toys ‘R’ Us specter looms over Bed Bath & Beyond

The home-goods retailer’s mixed signals remind some of Toys “R” Us. The toy retailer filed to reorganize in 2017, only to liquidate its U.S. operations months later.

By Maura Webber Sadovi • April 27, 2023

Consumer confidence sinks, implying downturn to come

Weakening optimism among consumers, as measured by the Conference Board, coincides with a decline in credit.

By Jim Tyson • April 25, 2023

These retailers stand to gain as Bed Bath & Beyond disappears

Walmart, Amazon and especially Target have already been taking market share from the struggling home goods retailer for quite some time.

By Daphne Howland • April 25, 2023

Hiring slows, signaling recession risk: NABE

Economists are evenly split on whether the U.S. will fall into recession within the next 12 months, NABE found in a survey.

By Jim Tyson • April 24, 2023

ESG reporting standard setter extends reach

The global effort to harmonize rules for corporate sustainability reporting is gaining momentum and expanding beyond concerns about climate change.

By Jim Tyson • April 21, 2023

PCAOB flags widespread weaknesses in audits of SPACs

The criticism of SPAC audits follows a surge in restatements by the so-called blank-check companies.

By Jim Tyson • April 20, 2023

Ex-Trump CFO is released from jail

Allen Weisselberg — the Trump Organization’s former finance chief — was released after this week serving about 100 days in a New York City prison. But more legal pressure looms.

By Maura Webber Sadovi • April 20, 2023

SEC ‘not a climate policy agency,’ Gensler says

SEC Chair Gary Gensler came under fire from Republican lawmakers for pushing forward with a climate disclosure rule that they said would overstep agency authority and prove too costly for U.S. companies. 

By Jim Tyson • April 18, 2023

Allianz forecasts global jump in insolvencies

Given the expected rise in failing companies, CFOs must carefully vet clients and suppliers to avoid unpaid bills and supply chain disruptions.

By Chris Gaetano • April 18, 2023

EY to lay off 3,000 workers after split craters

A week after “Project Everest” was halted, the Big Four firm is slashing its workforce.

By Elizabeth Flood • April 18, 2023

Cyber premiums spike at slower pace in 2022: Fitch

The deceleration was driven by factors such as a moderation of ransomware incidents and a heightened level of cyber risk awareness among corporate executives, according to Fitch Ratings.

By Alexei Alexis • April 18, 2023

4 CFO tips for demystifying AI hype

Innovation in AI has prompted talk of a coming technological leap as profound as the creation of the internet. It has also sparked anxiety. CFOs need to navigate past the hype and fear.

By Jim Tyson • April 17, 2023

Rate hedging for non-bank CFOs

Many firms don’t have exposure to the longer-duration government bonds that hammered Silicon Valley Bank. But there are other rate risks to guard against.

By Maura Webber Sadovi • April 17, 2023

Credit squeeze likely to trigger recession: IACPM

Federal Reserve economists cited banking turmoil and predicted a mild downturn later this year.

By Jim Tyson • April 14, 2023

Core inflation edges up, bolstering case for Fed tightening

Higher interest rates have not cooled consumer spending, economic growth and the labor market as quickly as expected, San Francisco Fed President Mary Daly said.

By Jim Tyson • April 12, 2023

EY split hits wall

Back in September, the Big Four accounting firm announced plans to split its auditing and consulting arms into two entities. Now, ‘Project Everest’ has been halted.

By Elizabeth Flood • April 12, 2023