What’s Going on in Finance from CFO
A major data breach at Target leaves the department store to pay over $39 million to MasterCard and other financial institutions. After paying $67 million to Visa card issuers in a similar incident earlier this year, Target faces shareholder lawsuits, among others involving both the FTC and state attorneys general. Find out the details here.
Can we expect a full employment rate in the private sector by the Summer of 2016? Apparently so, according to Mark Zandi of Moody’s Analytics. Job growth’s biggest jump in 5 months hit after the addition of 217,000 jobs last month. Get the full story here.
CFO offers stories from small businesses to major corporations, get your financial spectrum of knowledge here, in the CFO roundup.
Big Banks Pledge to Cut Coal Industry Lending
Morgan Stanley and Wells Fargo commit to reducing credit exposures, but the coal industry is in decline anyway.
U.S. Productivity Up Slightly
Worker hours fell but output increased; real hourly compensation and labor costs rose.
Financial Risk Stays Concentrated
The 30 most systemically important global banks have combined exposures that exceed 75% of world GDP.
Clearer Definition of a Business Called Boon for CFOs
FASB wants to narrow the definition of a business, making it easier for companies to report that they’re merely acquiring an asset.
JPMorgan Chase Partners With Online Lender
The banking giant gets access to On Deck’s technology platform for making small-dollar loans to small businesses.
Paycheck Bets in Temporary Staffing Growth
The acquisition of Advance Partners will allow Paychex to provide additional support to its staffing industry clients.
Job Growth Shows Biggest Jump in 5 Months
ADP reports a gain of 217,000 jobs last month, providing further evidence that the labor market is moving toward full employment.
Target to Pay $39M to Settle Data-Breach Claims
The settlement is with MasterCard and credit-card issuers seeking to hold Target liable for costs related to the 2013 breach.
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