Financial News and Analysis | CFO Dive
S&P Global swipes State Street CFO for finance chief. The credit ratings firm will pay State Street CFO Eric Aboaf a $2.4 million signing bonus when he takes their top financial seat in February. Financial Reporting. Access now .
Retail sales exceed forecasts, underscoring solid 2024 economic …
4 days ago · Retail sales rose a higher-than-expected 0.4% last month after a 0.1% gain in August, highlighting the strength of the U.S. consumer and bolstering recent upgrades in forecasts for 2024 economic growth. Sales in 10 out of 13 retail categories increased, including apparel, grocery stores and miscellaneous retailers such as florists and sellers ...
Improper revenue recognition tops SEC fraud cases | CFO Dive
Published Aug. 20, 2020. Robert Freedman Lead Editor. Improper timing of revenue recognition is the most common type of accounting fraud the Securities and Exchange Commission (SEC) has taken action against under its whistleblower program, say lawyers who work with employees who’ve come forward. About 60% of the SEC’s actions taken against ...
Fed cuts main rate by half point, voices confidence inflation falling
Sep 18, 2024 · Dive Brief: The Federal Reserve on Wednesday cut the main interest rate by a half percentage point to a range between 4.75% and 5%, citing progress in slowing inflation toward the central bank’s 2% goal from more than 9% two years ago. “This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained ...
Citigroup is actively investing to improve automation, says CFO
Jul 18, 2022 · Citigroup’s technology spend shot up 14% this quarter as the bank continues its “transformation” plans, moving forward with several key initiatives designed to bolster automation, improve its data governance and organization and make capital planning more agile, CFO Mark Mason said July 15, during the bank’s second quarter earnings call.
Most CEOs expect full return-to-office in 3 years: KPMG
Sep 20, 2024 · Dive Brief: A majority (83%) of CEOs surveyed globally predict that companies will shift to require a “full” return of employees to in-office work in the next three years, an increase from 64% the prior year, KPMG said, reporting on the findings of a survey of 1,300 chief executives conducted in July and August.; The report also revealed a generational divide in the executives’ sentiment ...
Tax compliance costs surge 32% since 2017: Tax Foundation
Sep 5, 2024 · Dive Brief: T he cost of tax compliance at large companies surged 32% from 2017 to 2023, with blame falling on increasingly complicated international rules, the corporate alternative minimum tax and changes under the Tax Cuts and Jobs Act of 2017, the Tax Foundation said.; Multinational companies on average spent $25.6 million to comply with income tax rules in 2022 or 2023, the Tax Foundation ...
SVB shareholder suit cites KPMG’s ‘silent’ audit | CFO Dive
Apr 10, 2023 · The suit also stated that a March 19 New York Times report revealed that Federal Reserve Bank of San Francisco was aware of SVB’s risky practices for more than a year and had warned the bank of its problems.. Even prior to the lawsuit, the short window between the audit and the bank run raised questions of how SVB’s auditors could have missed the signs of its impending doom so close to the ...
Citigroup’s Mason tops list of highest-paid bank CFOs
Sep 1, 2023 · Citigroup Inc. CFO Mark Mason was the highest-paid finance chief in the U.S. banking industry in 2022, with total adjusted compensation of approximately $15 million, according to an S&P Global Market study released Thursday. Mason, a 22-year veteran of the New York-based bank who has served as its finance chief since 2019, regained the seat of ...
‘State-of-the-art’ Kraft Heinz facility to cost in excess of $400M
Jul 17, 2023 · Kraft Heinz said it plans to invest more than $400 million toward building a “state-of-the-art” automated consumer packaged goods distribution center in DeKalb, Ill. The 775,000 square-foot national distribution facility, which is expected to open in 2025, will help the food giant to drive greater supply chain efficiencies and distribute ...