U.S. corporate finance leaders have firmly pivoted their focus from revenue growth to cost control as they navigate through an uncertain economic environment and rapidly changing business landscape, according to the 2023 U.S. Bank CFO Insights Report.
The survey of more than 1,400 senior finance professionals nationwide revealed that the top two priorities are cost controls within the finance function – up from the eighth highest priority in 2021 – and across the entire business, a shift from 2022. Meanwhile, driving revenue growth has been deprioritized compared to 2021 when it was a top priority for finance leaders.
“CFOs have positioned themselves decisively in defense mode. With the end of the low-cost capital era and inflation still uncomfortably high in some parts of the economy, finance leaders are taking control by driving efficiencies in their organizations,” said Stephen Philipson, head of Global Markets and Specialized Finance at U.S. Bank.
“As we work with CFO clients on how to position their balance sheets for a potentially more challenging economic environment, the focus is on prudent capital-allocation decisions. We talk about how to weigh cost-control efforts against focused investments that could drive future growth. As our survey results show, this balance is challenging CFOs,” Philipson added.
KEY SURVEY FINDINGS:
Cuts vs. growth
Areas for efficiencies
Increased appetite for digital payments
View the full 2023 CFO Insights Report.
Todd Deutsch, U.S. Bank Public Affairs and Communications
firstname.lastname@example.org | 612.303.4148
About the research
The results of this research are based on a survey conducted by FT Longitude on behalf of U.S. Bank. The 1,420 senior finance leaders surveyed work at U.S. businesses across multiple sectors. Half of the survey participants are group, regional or divisional CFOs. The remainder are senior managers within the finance function. Every surveyed finance leader works for a business that generates at least $100 million in annual revenue, and 39% for a business that generates more than $1 billion.
About U.S. Bank
U.S. Bancorp, with approximately 77,000 employees and $681 billion in assets as of June 30, 2023, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. Union Bank, consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. U.S. Bancorp has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2023 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
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