GOOD MORNING, CFO
Fraudsters are getting smarter, the jobs market is stumbling, and Google just got clipped in court.
In this issue:
AI scams put fraud risk on steroids
Jobs report signals weak momentum
Google loses a big antitrust ruling
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RISK MANAGEMENT
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AI Fraud Goes Corporate
Deepfake CEOs, AI-powered email scams, and foreign actors faking remote hires are no longer science fiction. Deloitte says U.S. fraud losses could swell from 12 billion dollars in 2023 to 40 billion by 2027 as generative AI makes attacks cheaper and more convincing. CFOs are being told to treat fraud risk as a board-level issue and tighten internal controls before the wave crests.
ECONOMY
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Jobs Market Trips
The U.S. added just 22,000 jobs in August, far below the 75,000 expected. June revisions even flipped a gain into a loss. Unemployment held at 4.3 percent, but momentum is the weakest since 2021. Markets now see a September Fed rate cut as all but guaranteed. For CFOs, weak hiring means pressure on growth forecasts but a bit of relief on wage inflation.
COMPLIANCE
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Google Antitrust Split Decision
A judge ruled Google cannot keep paying to be the exclusive search engine, dealing a blow to its distribution dominance. But Google can still pay for product placement and keep Chrome, while only sharing limited user data with rivals like Microsoft, DuckDuckGo, and OpenAI. The ruling reflects how generative AI is reshaping search but leaves both Google and Apple with strong positions intact.
CORPORATE MOVES
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Spectrum Brands fired its CFO as part of a cost-cutting push, citing tariffs as a headwind.
Crocs appointed former Nike exec Patraic Reagan as CFO with an 800,000 dollar sign-on bonus.
Nestlé dismissed its CEO after a second probe into alleged favoritism; the CFO confirmed the findings.
POLICY & LABOR
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California’s CPA pathways bill is on Governor Newsom’s desk, with the potential to remake licensing rules.
Layoffs are ticking up while job openings hit a 10-month low, according to the BLS. Fed officials see cooling but still near-full employment.
MARKET FORCES & READS
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Stat: Travel agents on LinkedIn grew 50 percent as white-collar workers switch careers.
Quote: Trump’s Fed nominee Stephen Miran said the president is “entitled to a view” on monetary policy.
Read: John Deere is struggling under tariffs, weak crop prices, and softer demand.
Other reads:
Boeing Defense aims to replace striking workers with new hires (Reuters).
Uber Eats will pay 15 million dollars to settle Seattle labor claims (ESG Dive).
New Mexico’s AI data centers face scrutiny over 165 billion dollars in “phantom debt” (Bloomberg).
Corporate cybersecurity training programs are proving ineffective (WSJ).
xAI’s CFO just resigned, continuing the wave of executive exits (WSJ).
Macy’s posted sales growth for the first time in years, though tariffs loom large (Retail Dive).
EVENTS & RESOURCES
Sept 9: Webinar on Future-Ready ERP (studioID + NexTec)
Sept 18: Webinar on GenAI in finance functions (studioID + Thomson Reuters)
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