U.S. CFOs’ top priority is cost-cutting amid economic uncertainty, survey finds

seekingalpha04-29

With economic and geopolitical uncertainty lingering, finance chiefs in the U.S. have directed their energies toward bolstering cost-cutting efforts, so much so that it has become their No.1 priority,...

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It’s a tough environment for chief financial officers. “They face higher inflation and interest rates, political uncertainty in the U.S. and abroad, a difficult-to-forecast short-term economy and incredible pressure to make the right technology investments their firms will need to compete,” said Stephen Philipson, head of Global Markets and Specialized Finance at U.S. Bank. Reducing costs within the finance function and across the entire business are the top two priorities, per the fourth annual U.S. Bank CFO Insights Report, which surveyed 2,030 senior finance leaders during the January-February period. Focusing on risk management is climbing in importance for CFOs, now the third most common priority. Augmenting revenue expansion, meantime, holds a modest rank as the fifth most urgent item. One of the biggest risks that respondents continued to cite is the pace of technology changes. Nearly half of CFOs in the survey said they are prioritizing investments in tech over job cuts as the primary solution for cutting expenses. Artificial intelligence is the second-highest priority for investment in the finance function (51%) after data analytics (52%). Generally, layoffs are considered a near-last resort when it comes to cutting expenses. A Coupa survey earlier this month revealed that while 45% of CFOs say they plan to invest in AI to drive growth this year, 89% of them have doubts about their company’s ability to successfully implement an AI strategy. Two in five CFOs reported that their biggest challenge is keeping up with AI advancements “as the rate of innovation outpaces human scale and traditional process efficiency,” Coupa’s Strategic CFO survey said. In a letter to shareholders, Amazon (AMZN) CEO Andy Jassy highlighted the e-commerce giant’s focus on cost-cutting measures, while talking up AI potential, saying the company has “found several areas where we believe we can lower costs even further while also delivering faster for customers.” In the tech space, Meta Platforms (META) signaled this past week it would be in an investment cycle for some time as the AI race wages on. Though such a move is expected to boost costs in the shorter-run, Wall Street thinks the AI spending could pay off over the longer-term, with Andrew Boone of JMP Securities saying Meta is likely to be “well positioned” to benefit from AI’s increasing engagement and advertising efficiency. For the financials sector, a number of global banks, such as Deutsche Bank (DB), Morgan Stanley (MS), HSBC Holdings (HSBC) and UBS Group (UBS), have been reducing headcount in Asia wealth-related segments, with business outlooks hindered by a dealmaking drought and sluggish market conditions in China. More on Firms' Cost-Cutting Efforts  Bristol-Myers to cut 2,200 jobs as part of $1.5B cost savings plan L3Harris is said to plan cutting 5% of workforce for cost savings Intel Faces A Massive Labor Cost Headwind Antero Resources: Increasing Premiums Combined With Tight-Fisted Cost Control","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2431098779"}