Become more informed in minutes...

Artificial intelligence (AI) is accelerating the scale and sophistication of ransomware attacks against financial institutions, with cybercriminals increasingly using AI tools to automate malware development, enhance phishing campaigns, and exploit vulnerabilities more quickly, according to research from cybersecurity firm Securin. The report found that ransomware activity evolved significantly during 2025, with 7,061 confirmed victims linked to 117 ransomware groups. Financial services firms remained a major target, accounting for 340 confirmed victims, as attackers seek to exploit the operational and reputational pressure caused by service outages, payment disruptions, and customer data exposure. Securin said modern ransomware groups are increasingly deploying double-extortion tactics, encrypting systems while simultaneously stealing sensitive information to increase leverage over victims. Attackers commonly exploit weaknesses in identity and access management, memory-related vulnerabilities, and insecure default system configurations to move rapidly through financial networks. The report also warned that the growing adoption of AI across banking, fraud prevention, customer service, and risk management is expanding the financial sector’s attack surface. AI models, APIs, and automated workflows can introduce new vulnerabilities, while techniques such as prompt injection attacks are emerging as additional threats.

 

Cybersecurity Insiders

Why Modern CFOs Fear the Qualified Audit Opinion

Audit success or failure often rests on the integrity of your most complex technical accounting. This can make things ASC 842 compliance and properly accounting for accrued expenses a source of audit risk. Manual spreadsheets and fragmented contract data often lead to unforeseen reporting errors, increasing that risk. FinQuery’s intelligent subledger platform was designed to move finance teams from a reactive posture to a proactive one.

Our CPA-approved accounting automation uses data extracted directly from the primary source—contracts, invoices, and SOWs—bridging the gap between raw agreements and your ERP. This ensures your reporting is always validated by the original document, for strong controls and a 100% traceable audit trail.

Check out our Audit Success Center to access CPA-tested methodologies for calculations and classifications, and to download proven templates to provide the transparency auditors require.  

Ace Your Audit

 

CVC Capital Partners has appointed former NewDay chief executive John Hourican as its new chief financial officer, succeeding Fred Watt, who will remain with the firm as a senior advisor after nearly 20 years at the company. Hourican will join CVC and its board on September 1st 2026. He previously served as CEO of U.K. credit provider NewDay, Bank of Cyprus, and held senior leadership roles at Royal Bank of Scotland and ABN AMRO. He trained as a chartered accountant at PwC and is a fellow of the Institute of Chartered Accountants in Ireland.

 

Alternative Credit Investor

The U.S. Chamber of Commerce says that countries have only a “finite” window to respond to Chinese policies that are deepening reliance on its supply chains and harming the global economy. The U.S. Chamber says China‘s industrial policy is becoming more systemic and pervasive, extending across all layers of production, and these domestic dynamics are ushering in a new phase of global impact, characterized by accelerating trade dominance and the rapid global expansion of Chinese firms. 

 

Financial Times

U.S. Chamber of Commerce

Nelson Peltz’s Trian Fund Management is seeking backing from investors, including parties in the Middle East, for a potential bid to take Wendy’s private after the fast-food chain’s shares fell more than 40% over the past year and 71% over five years. Trian, which owns 16% of Wendy’s and has longstanding ties to the company, has not made a formal offer but previously described the business as undervalued and said it was considering strategic alternatives. Wendy’s, which operates around 7,000 restaurants globally, recently reported weak earnings amid rising beef costs and softer customer traffic, as the fast-food sector faces pressure from cautious consumers, inflation and competition from fast-casual rivals. The company is currently pursuing a “Fresh Start” turnaround strategy focused on menu improvements and closing underperforming locations.

 

Financial Times

Reuters

A Gallup World Poll has identified a significant decline in younger Americans' confidence about their job prospects - at a time when their elders remain more upbeat. Only 43% of U.S. individuals aged 15-34 believe it's "a good time" to find a job, compared to 64% of those aged 55 and over. This is a stark contrast to the global trend: globally, the median share of younger people who say it's “a good time” to find work in their local job market is 48%, compared with 38% among older people. “It's an incredibly new phenomenon,” Benedict Vigers of Gallup says. He notes that last year was the first time in Gallup's decades of polling that young Americans were more pessimistic about the job market than their peers in other developed countries. “Has this happened in most other advanced economies? The answer is a resounding no,” Vigers says.

 

Los Angeles Times

General Motors (GM) plans to eliminate 500 to 600 salaried IT positions as part of a cost-cutting strategy. The company said it aims to transform its IT department to enhance future capabilities. GM confirmed the job cuts, which will impact global offices, following a stagnation in U.S. sales. GM has previously reduced its workforce due to challenges in its electric vehicle sector. GM said: "We are working to boost earnings and adapt to market demands."

 

Bloomberg

Business Times SG

Starbucks has cut 61 corporate technology roles at its Seattle headquarters, according to a WARN filing, as the company continues a broader turnaround plan under chief executive Brian Niccol. The layoffs, which are unrelated to the relocation of some technology roles to a new Nashville office, are scheduled to begin on June 20 and conclude by August 28. The coffee chain has been focused on improving operational performance, including wait times and customer satisfaction, while also closing underperforming stores and reducing corporate headcount. Starbucks hired former Amazon executive Anand Varadarajan as chief technology officer in December and last year eliminated around 1,100 corporate jobs as part of its restructuring efforts.

 

Reuters

Fidelity is to cut roughly 800 jobs, representing about 1% of its global workforce of 80,000 employees, even as the company plans to hire thousands of additional staff as it looks to upgrade its technology and product delivery teams. "These changes are about getting the right combination of skills in place for where Fidelity and its customers need them most," a spokesperson said. "This means creating more room for early career, hands-on engineering roles and streamlining management layers."

 

Patriot Ledger

The Baltimore Sun

Amazon employees are using an internal AI tool called “MeshClaw” to automate non-essential tasks in a bid to show managers they are using the technology more frequently.

 

Financial Times

Victoria’s Secret has disclosed that it rejected Australian billionaire Brett Blundy’s request for a board seat due to concerns over potential reputational, legal and competitive risks, according to a regulatory filing. The retailer said one director, Mariam Naficy, will not stand for re-election partly because of the time demands created by BBRC International’s proxy campaign. Victoria’s Secret also alleged that a BBRC employee improperly sought confidential sales information from stores, while citing concerns over Blundy’s links to businesses facing harassment allegations and conflicts arising from his interests in competing lingerie and beauty businesses.

 

Bloomberg

Reuters

Wall Street Journal

Google has agreed to pay $50m to settle a lawsuit filed by Black employees alleging systemic racial discrimination in hiring, pay, and advancement. April Curley, a former employee, claimed the company engaged in unfair treatment, steering Black workers into lower-level roles. Civil rights attorney Ben Crump, representing the plaintiffs, said: "This case is about accountability, plain and simple . . . For far too long, Black employees in the tech industry have faced barriers that limit opportunity. This settlement is a significant step toward holding one of the world’s most powerful companies accountable and making clear that discriminatory practices cannot and will not be tolerated.” The settlement includes commitments to pay equity analyses and limits on mandatory arbitration for employment disputes until August 2026. Google has not commented on the settlement.

 

AP News

U.S. News

The Federal Reserve's latest semi-annual Financial Stability Report cites geopolitical risks and the oil shock precipitated by the war in the Middle East as the top worries of survey respondents; artificial intelligence and private credit have also become prominent concerns. Three-quarters of respondents said geopolitical risks were their top concern; ​the oil shock was cited by 70%. Half of survey respondents identified AI and private credit as potential threats to financial ​stability. The Fed said the risks to financial stability from private credit appear "limited and manageable." 

 

Federal Reserve

Reuters

The White House is reportedly planning to temporarily suspend tariffs on beef imports for 200 days in an effort to ease rising consumer prices ahead of the U.S. midterm elections. President Donald Trump is expected to sign executive orders aimed at expanding beef imports to address supply shortages, despite likely opposition from U.S. cattle ranchers and Republican allies in the industry. The move follows a sharp rise in beef prices, driven by drought, shrinking cattle herds and restrictions on livestock imports from Mexico linked to concerns over the New World screwworm parasite.

 

Politico

Reuters

Wall Street Journal

Private placement life insurance (PPLI), once a niche product for ultra-wealthy investors, is facing growing political and regulatory scrutiny in the U.S. The structures allow assets such as private equity and hedge funds to grow tax-efficiently within life insurance policies, while also offering estate planning benefits. Supporters argue modern PPLI products operate within established legal frameworks and are widely used in wealth planning. However, critics, including Senator Ron Wyden, claim they are being used as tax shelters by billionaires. Proposed legislation would tighten rules, increase reporting requirements and potentially remove key tax advantages for some policies. Industry groups oppose the measures, warning they could undermine broader life insurance tax treatment.

 

Bloomberg Tax

European carmakers have taken a €8bn hit in tariff costs in the year since Donald Trump increased import duties. “The operating environment has deteriorated significantly,” Volkswagen CFO Arno Antlitz said recently.

 

Financial Times