As it has widely been reported euro zone finance ministers approved an 11th hour €130 billion ($172.1 billion) rescue package to help Greece stave off a default.
CFOs see greater need for accurate, timely data, but may do it on the cheap. They want to boost finance’s analytic, modeling, and forecasting capabilities while maximizing tech’s ROI, says Hackett, even though cost pressures will limit them.
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
Many faulty business decisions can be traced to “confirmation bias” that leads people to unwittingly seek information that bolsters what they want to believe, says Brigham Young University accounting professor Doug Prawitt.
As she waits for a new boss to make longer-term changes at the troubled company, Avon Products CFO Kimberly Ross puts short-term trims at the top of her to-do list.
CFOs entered 2012 with lower expectations about the economy, their company’s earnings, internal and external risks, hiring and other factors, based on results from Deloitte’s fourth-quarter survey of large-company CFOs. The reason, not surprisingly, is the ongoing European sovereign debt crisis, unemployment concerns, increasing social unrest and governments’ difficulties in finding effective solutions.
According to New York State’s comptroller, Wall Street cash bonuses dropped 14% in 2011.Speaking to Reuters, Comptroller Thomas DiNapoli said that the total amount of money paid out in bonuses should reach $19.7 billion in 2011.
Wednesday morning, there was a violent sell-off in stocks that seemed to start exactly at 10:00 AM. This had some New York Stock Exchange floor traders scratching their heads.
Organizational cultures that lack candor, Ferrazzi Greenlight CEO Keith Farrazzi tells us, endure longer cycle times, slow decision-making, unnecessarily iterative discussions and below-average financial performance. Even worse, a lack of candor can dumb down a company’s risk intelligence and, in some cases, lead to catastrophe. In the January-February Harvard Business Review, Ferrazzi writes: “My team interviewed executives…
“Finance transformation” is a trend gaining favor with strategic consultants. The term is associated with the objective of shifting the focus of CFOs and finance departments from transaction processing toward more strategic and higher-value functions.