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As part of an organizational restructuring Uber will reduce its global workforce by 10%. The CEO stated they are removing layers and simplifying team structures. This comes despite sales increasing 12% over last year for the second quarter. Read more here!

https://www.cfodive.com/news/uber-layoff-10percent-workforce-push-streamline/829605/

Uber to slash 10% of workforce in push to streamline Among other changes, the company has reduced by nearly 50% its number of “micro-teams” with only one or two direct reports.

Happy Labor Day from your friends at Bovell Financial! Honoring the dedication that drives our communities forward.

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This week Ernst & Young announced that they are investing $100M to reward employees who deliver exceptional client service, drive innovation, and advance the firm's culture. They are looking to reward future focused employees. Read more here!

https://www.cfodive.com/news/ey-puts-100m-push-future-ready-workforce-compensation/829293/

EY earmarks $100M in rewards for ‘future-focused’ employees The Big Four accounting firm is looking to reward employees who drive “meaningful change” through innovation, disruption, technology or growth.

A former CFO of a charity in Texas was sentenced to 5 years for embezzling over $2M from the non-profit in a mobile check scheme. He was charged with forging signatures and depositing the checks into his personal account. Read more here!

https://www.cfodive.com/news/texas-charitys-ex-cfo-sentenced-5-years-mobile-check-scheme/829203/

Texas charity’s ex-CFO sentenced in $2.1M mobile check scheme Jeffrey Keehn used embezzled funds to support a lifestyle that included two residences, an SUV, and gold and platinum coins, prosecutors said.

According to recent data the average age of new CFOs fell to 48.2 years old from 51.9 years old last year. This would make them roughly five years younger than CEOs. This comes as Gen Xers take the reins. Read more here!

https://www.cfodive.com/news/new-cfos-getting-younger-genxers-take-reins-crist-kolder/828871/

New CFOs are getting younger as Gen Xers take reins “Gen X is geared to have the next big power swing,” Josh Crist, co-managing partner at executive search firm Crist Kolder Associates, told CFO Dive. 

As some tariff refunds roll in Costco fights a proposed class action suit files by customers to recoup some of the tariff refunds. Costco is stating that they have not received all the refunds they are entitled to and can figure out how to handle those refunds once they've received them all. Read more here!

https://www.cfodive.com/news/costco-fights-customers-tariff-suit-refunds-flow/828644/

Costco fights customer’s tariff suit as refunds flow in With Costco now recouping some IEEPA duties, the customer’s attorneys said one of the retailer’s primary legal arguments against member refunds had “evaporated.”

In today's dynamic business landscape, navigating growth challenges is crucial. A CFO's strategic compass is essential for guiding organizations toward success. Join us as we explore innovative strategies and collaborative solutions to tackle these challenges.

A new survey shows that 54% of U.S. households did not save any money last month. This information highlights how the rising cost of goods and gasoline are impacting consumers' buying power. Inflation has surpassed the 2% target of the Federal Reserve for more than 5 years. Read more here!

https://www.cfodive.com/news/most-consumers-save-no-money-inflation-erodes-buying-power-ey-Fed-Federal-Reserve/828065/

Most consumers save no money as inflation erodes buying power: EY The share of credit card balances delinquent for more than 90 days rose to 12.8% in the first quarter of this year from 7.6% in the third quarter of 2022, the Federal Reserve Bank of New York reported.

The Federal Reserve stated this week that U.S. manufacturing is growing at a steady pace. Although production fell short of forecasts it met expectations of slower but constant economic growth. Read more here!

https://www.cfodive.com/news/us-manufacturing-grows-steady-pace-led-business-equipment-fed/828194/