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Yahoo
2 days ago
- Business
- Yahoo
Salesforce, PayPal COFOs tout agentic AI potential: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. Part 1 — Salesforce COFO says she's using AI to prep for earnings calls. Plus, a third of finance chiefs are adopting an 'aggressive' approach to artificial intelligence. Robots aren't drafting up 10-Qs, 10-Ks or any other SEC filings for PayPal or Salesforce quite yet, but both companies are apparently betting big on a future driven by artificial intelligence tools. In a roundtable discussion with reporters on Thursday, finance chiefs from the two firms spoke glowingly of the business potential of agentic AI tools, that is, artificial intelligence programs designed to make decisions autonomously with little or no human intervention. Jamie Miller, chief financial and operating officer at PayPal, emphasized that, for now, her team is using AI agents to produce first drafts of internal content. That includes things like 'executive-level materials, where it's really summarization of a strategy,' she told reporters. 'We have not yet done, at least to my knowledge, AI-generated 10-Ks,' she said. 'I think we'll work our way to some form of assistance on that. … Within finance itself, there are lots of opportunities to leverage AI, and we see a lot of that internally.' Robin Washington, who started her role as Salesforce's first chief operating and financial officer four months ago, said that she personally uses AI tools to prepare for analyst questions and to better understand competition. 'We are very much using [AI] to astutely understand the landscape,' she said. Washington added that artificial intelligence has helped cut down her prep work for earnings calls to 'hours instead of days.' Though the discussion was mostly sparse on other concrete use cases for rank-and-file employees, both finance chiefs maintained that AI tools are set to fundamentally change the workforce, eventually. 'My boss always says we're probably the last set of managers to just manage humans,' Washington said. 'We're going to have AIs autonomously working side-by-side helping us make decisions.' In an email, Salesforce spokesman Tyler Ng said that the company's 'Agentforce for Sales' program 'helps reps spend more time selling by letting AI handle routine tasks like lead follow-up and outreach around the clock.' 'Recently, the AI agent analyzed over 7,800 unworked leads — accounts with no rep outreach or activity — to prioritize high-intent prospects, personalize messaging and book 50+ meetings, generating $460K in net-new pipeline in just three weeks,' he said. 'The real power comes from AI and humans working together: while AI handles repetitive tasks, reps focus on building relationships and closing deals.' And while big-ticket AI investments have coincided with recent layoff plans at several companies, such as Microsoft, the finance heads of Salesforce and PayPal emphasized that the emerging technology will instead reinforce the need for human skills. Washington cited things like 'problem-solving, emotional intelligence and higher-level decision making.' 'AI brings the data directly to us, and it enhances our ability to … do the art of the possible,' she said. For her part, Miller emphasized the continued need for 'curiosity, systems thinking, self-starting' among employees. 'I was in a board meeting last week, and someone joked, 'sounds like it's the revenge of the liberal arts grad, finally,'' she said. The two leaders' roundtable discussion coincided with the release of new survey data from Salesforce measuring CFO sentiment on AI. In a survey of 261 global finance chiefs, the company found that about a third have adopted an "aggressive' approach to the emerging technology. Just 4% said they have a 'conservative' AI strategy, and the lion's share of respondents (63%) said they're taking a moderate approach. Conducted in June in partnership with Morning Consult, the survey also found that respondents, on average, are allocating about a quarter of their existing AI budgets specifically to AI agents. Meanwhile, 61% of the CFOs said that 'AI agents/digital labor' are 'critical' to competition. The company 'defines digital labor as a hybrid workforce where humans and autonomous AI agents work together to accomplish more than either could on their own,' spokesman Ng said. In addition, about a third of respondents said that artificial intelligence 'requires them to have a riskier mindset around technology investments.' Part 2 — This week Here's a list of important market events slated for the week ahead. Monday, Aug. 11 — None scheduled. Tuesday, Aug. 12 NFIB optimism index, July Consumer price index, July Core CPI, July Monthly U.S. federal budget, July Kansas City Fed President Jeff Schmid's speech Wednesday, Aug. 13 Atlanta Fed President Bostic speaks Thursday, Aug. 14 Initial jobless claims, Aug. 9 Producer price index, July Core PPI, July Richmond Fed President Barkin speaks Friday, Aug. 15 U.S. retail sales, July Empire State manufacturing survey, Aug. Import price index, July Industrial production, July Business inventories, June Consumer sentiment (preliminary), Aug. Part 3 — Weekly listen: St. Louis Blues exec on Business of Sports podcast Steve Chapman, EVP and chief revenue and marketing officer of professional ice hockey team the St. Louis Blues, talked to Business of Sports: Playmakers Beyond the Competition hosts Ken Dubinsky and Chris Roseman, to discuss his love of hockey, undergoing the process of changing the team's logo and jerseys and streaming's effect on sports media. When discussing the switch to streaming, Chapman highlighted that it allows the team to bring the product directly to the fans, but it's not without challenges 'The challenge is the financial model is changing and and if anybody tells you that they know exactly what's going on, they're lying because they don't,' Chapman said. 'Everybody's trying to figure out how to build bridges to wherever it is that we're going to end up. And so that's what we're doing right now. I think that's what a lot of teams in professional [sports] are doing related to local regional sports networks,' Chapman said. He continued: 'It is something that is at the forefront of what we're working on right now, but I've got to tell you, it's actually unbelievably interesting. It's unbelievably motivating to try to figure out how to take this to the next level because at the end of the day, you want to give the product to the fans.'
Yahoo
29-07-2025
- Business
- Yahoo
Trump's EU trade deal brings CFOs relief without guarantees: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. Part 1 — EU trade deal brings cost clarity without certainty President Trump's threat of 30% tariffs on European imports led to negotiations over the weekend that ended with a 15% U.S. tariff on most European goods, and a suspension of retaliatory tariffs by the EU. U.S.-based CFOs watching for the announcement of a new trade deal between the U.S. and European Union might breathe a cautious sigh of relief, but there's a major disclaimer. For CFOs at companies that rely on European suppliers, the new tariff will create challenges. Automakers are expected to face higher costs, with Mercedes-Benz warning of 'significant increases' in vehicle pricing — despite producing 35% of the vehicles it sells in the U.S. at its plant in Tuscaloosa, Alabama. Fellow German automaker Volkswagen reported a €1.3 billion ($1.5 billion) hit to profits in the first half of the year due to prior tariff exposure. But for U.S. companies exporting to Europe, the picture looks different. The EU agreed to zero tariffs on a range of 'strategic' goods, including aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products and some natural resources. The deal also includes a $750 billion EU commitment to buy U.S. energy and $600 billion in additional EU investment in the U.S., though the origin and structure of that funding remain unclear. European Commission President Ursula von der Leyen said negotiations would continue to expand the list of tariff-free goods, while both sides left steel and agriculture unresolved. Carsten Brzeski, global chief of macro at Dutch multinational banking and financial services firm ING, said the agreement is 'unequal and unbalanced.' He also noted the lack of a written agreement and called it 'the big caveat' to what otherwise provides short-term relief and 'stability and predictability for companies on both sides.' For CFOs, the takeaway is twofold: the threat of trade escalation may be off the table for now, but higher import costs are here to stay. The challenge now is measuring the true impact of these policies, and proactively adjusting pricing, sourcing and global strategy before it's too late. Part 2 — This week Here's a list of important market events slated for the week ahead. Monday, July 28 — None scheduled. Tuesday, July 29 Advanced U.S. trade balance in goods, June Advanced retail inventories, June Advanced wholesale inventories, June Consumer confidence, July Job openings, June Wednesday, July 30 ADP employment, July GDP, Q2 FOMC interest-rate decision Fed Chair Jerome Powell press conference Thursday, July 31 Initial jobless claims, July 26 PCE index, June Core PCE index, June Chicago Business Barometer (PMI), July Friday, Aug. 1 U.S. employment report, July U.S. unemployment rate, July S&P final U.S. manufacturing PMI, July ISM manufacturing, July Consumer sentiment (final), July Part 3 — CFO media appearance of the week: Volkswagen CFO Arno Antlitz Volkswagen CFO Arno Antlitz spoke to Bloomberg just days before the trade deal between the U.S. and Europe, talking about how the company remains under financial pressure from U.S. auto tariffs. While the reduction offers some relief, Antlitz emphasized the stakes remain high as the company recalibrates its U.S. strategy. 'We need a good solution that fits both the needs of the American administration and the European automakers.' With the Audi and Porsche brands under VW's ownership particularly exposed to import costs, Antlitz said further U.S. investment is under consideration. 'If we would invest into a factory for Audi in the U.S., that number would go up,' he said. When pressed on scale, he added, '[it's] too early to give you a figure, but clearly north of where we are now.' Recommended Reading Tariffs prompt raft of corporate finance responses Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
Does Baker Tilly's merger signal a public accounting mid-market power shift? Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. Baker Tilly and Moss Adams closed their merger in June, forming the sixth-largest accounting and advisory firm and the largest backed by private equity in the U.S. The company will operate under the Baker Tilly brand. In a recent interview with Business Insider, former CEOs Jeff Ferro and Eric Miles detailed the merger, their long-term growth plans and how PE backing is helping them scale to meet evolving client demands. Miles, the former CEO of Moss Adams, who will succeed Ferro as CEO of Baker Tilly at year-end, said the firms are responding to a clear shift in client expectations. 'The needs of the mid-market are evolving,' he told BI. 'Firms have to be bigger and more capable to stay competitive.' Ferro said he hopes the firm doubles revenue to $6 billion in five years, crediting the possibility of that scale to new technology and their private capital. The move places the company just outside the coveted Big Four ranking, as the combined firm brought in over $3 billion in annual revenue last year and includes 11,500 employees. While Baker Tilly has traditionally served clients across the East and Midwest, Moss Adams brings a dominant West Coast clientele market. For CFOs, the geographic blend and expanded advisory offerings may create a stronger alternative to historically pricey Big Four services, especially for mid-market finance leaders seeking cost-effective services. The deal also reflects a broader trend: While not directly tied to individual transactions, the tax advantages PE firms receive through mechanisms like the carried interest loophole could help fuel their ability to back large-scale mergers, especially in cash-generating service sectors like accounting. Baker Tilly's 2024 stake sale to Hellman & Friedman and Valeas Capital gave the firm the capital to boost its M&A strategy and invest heavily in AI, automation and the growing trend of fixed-cost service offerings. For finance chiefs, the merger could signal a shift in public accounting dynamics. PE backing often means faster innovation and improved service packages, but it also raises questions around pricing models, partner accountability and the long-term stability of the firm itself. Traditional partner-run firms, a model that is facing challenges of its own, typically offer continuity and institutional knowledge and longevity, while PE-backed firms may be more focused on growth metrics and scalability. Here's a list of important market events slated for the week ahead. Monday, June 9 Wholesale inventories, April Tuesday, June 10 NFIB optimism index, May Wednesday, June 11 Consumer price index, May Core CPI, May Monthly U.S. federal budget, May Thursday, June 12 Initial jobless claims, week of June 7 Producer price index, May Core PPI, May Friday, June 13 Consumer sentiment (preliminary), June This week, will publish a Q&A with Irina Berkon, CFO of Metallicus, a technology company that builds compliant and regulation-abiding cryptocurrency banking tools for traditional financial institutions. After speaking at Consensus 2025, Berkon shares her experience speaking as a CFO at a large conference, how she believes cryptocurrency and blockchain technology are not taking a backseat to AI, her relationship with CEO and cryptocurrency 'pioneer' Marshall Hayner, keeping cryptocurrency on the balance sheet and more.
Yahoo
03-06-2025
- Business
- Yahoo
Chinese CFO arrested in the Philippines amid embezzlement accusations: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. A Chinese national identified only as Ziwén, 37, was arrested on May 28 in Makati City for allegedly embezzling hundreds of millions of Philippine pesos from a Philippine Offshore Gaming Operator where he served as CFO. Authorities have not disclosed the company's name, consistent with common practice in the Philippines where corporate identities are often withheld during active investigations. However, a local news outlet was given exclusive access to the arrest. Ziwén, who told police he was unaware of the charges, declined to comment to local media, stating he would consult his lawyer. Reports indicate he now faces 18 counts of qualified theft tied to an estimated 181 million pesos in missing funds, equivalent to about $3.2 million. Reports suggest the total may exceed 1 billion pesos, or roughly $17.9 million, when including diverted cash and cryptocurrency assets allegedly transferred to wallets under his control. The POGO, now shut down, was part of a sector that facilitates online bets for overseas clients from inside the Philippines, often targeting Chinese gamblers barred from such activity in their home country. The case adds to growing scrutiny of the POGO industry, which is in the midst of a crackdown by authorities in both the Philippines and China. The POGO industry and its structure has long faced criticism for weak regulatory oversight, suspected money laundering and links to transnational criminal networks. Here's a list of important market events slated for the week ahead. Monday, June 2 S&P final U.S. manufacturing PMI, May ISM manufacturing, May Dallas Fed President Lorie Logan speech Tuesday, June 3 Factory orders, April Job openings, April Wednesday, June 4 ADP employment, May S&P final U.S. services PMI, May ISM services, May Fed Beige Book Thursday, June 5 Initial jobless claims, week of May 31 U.S. trade deficit, April U.S. productivity, Q1 Friday, June 6 U.S. employment report, May U.S. unemployment rate, May On June 5, will publish a Q&A with Sudhanshu Priyadarshi, CFO of Keurig Dr Pepper. He breaks down how the company is navigating areas like tariffs and new health regulations across the globe, finance's role in managing a global supply chain, why it's important for CFOs to be able to tell stories about their data and more. Recommended Reading CFO crimes, litigation, financial control failures, ethics violations and more Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
NYC leads return-to-office as hybrid work increases: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. With return-to-office efforts being implemented across the country, new data from indicates that in the U.S., New York City is closest, by far, to pre-pandemic in-office working rates. Nationwide, office visits were 30.7% below April 2019 levels. However, New York City traffic was just 5.5% short of pre-pandemic traffic, the smallest drop in the country. Miami followed, down 15.3%, while other major metropolitan areas like Atlanta and Dallas stayed consistent with the national average. The data comes from Office Index, which uses anonymized location information from cell phones to measure real-world foot traffic of around 1,000 office buildings across 11 U.S. cities. This embedded content is not available in your region. Boston showed moderate improvement, though it still trailed New York City and Miami. San Francisco, while still the furthest from full recovery compared to the other cities in the report, posted the strongest year-over-year growth. This may reflect the impact of return-to-office mandates in the tech sector despite the numerous challenges the city faces that impact the workers there. April marked the third-busiest office month since the onset of the COVID-19 pandemic, behind only October and July 2024. Hybrid trends remain dominant, with midweek in-office appearances, especially Tuesdays and Wednesdays, surpassing 2019 levels in NYC. Mondays and Fridays continue to lag, likely due to hybrid work models allowing some employees to skip the commute and work from home on those days. Here's a list of important market events slated for the week ahead. Monday, May 19 U.S. leading economic indicators, April Tuesday, May 20 Richmond Fed President Tom Barkin speaks Boston Fed President Susan Collins at the Fed Listens event St. Louis Fed President Alberto Musalem speaks Federal Reserve Governor Adriana Kugler speaks Wednesday, May 21 Richmond Fed President Tom Barkin and Fed Governor Michelle Bowman at the Fed Listens event Thursday, May 22 Initial jobless claims, week of May 17 S&P flash U.S. services PMI, May S&P flash U.S. manufacturing PMI, May Friday, May 23 New home sales, April Federal Reserve Governor Lisa Cook speaks This week, some of the team will be in National Harbor, Maryland, for Gartner's CFO and Finance Executive Conference. There will be an event takeaway piece published this week (5/21), as well as multiple interviews from the event from CFOs and thought leaders that will roll out over the next few weeks. Recommended Reading Gov. Kathy Hochul to meet with execs on safety in NYC after murder of UnitedHealthcare CEO: Trial Balance Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
