Fintech PR
Economic optimism doubles, yet almost half of CEOs do not believe their businesses will be viable in a decade as tech and climate pressures accelerate: PwC Global CEO Survey
- Proportion of CEOs optimistic about global growth prospects doubles from 18% to 38% as concerns about inflation and macroeconomic volatility fall
- 39% of CEOs expect their company’s headcount to increase by 5% or more in 2024
- However, confidence is fragile: almost half (45%) do not believe their business will be viable in a decade without reinvention – up from 39% in 2023
- CEOs expect more pressure over the next three years than they experienced over the previous five from technology, climate and several other megatrends
- Four in ten CEOs report that they have accepted lower returns for climate-friendly investments
- 70% expect Generative AI to significantly change the way their company creates value in the next three years
DAVOS, Switzerland, Jan. 15, 2024 /PRNewswire/ — The proportion of CEOs who believe global economic growth will improve over the next 12-months has more than doubled year-on-year. At the same time the proportion of CEOs concerned about their long-term business viability has risen to 45% as tech and climate pressures accelerate, according to PwC’s 27th Annual Global CEO Survey, published today.
The survey, which interviewed 4,702 CEOs across 105 countries and territories, found that 38% of CEOs are optimistic about global economic growth prospects over the next 12-months, up from 18% in 2023. CEO expectations of economic decline have also tumbled from a record high in last year’s survey (73%) to 45%, as perceived exposure to inflation and macroeconomic volatility fell by 16 percentage points (to 24%) and 7 percentage points (to 24%) respectively. Despite ongoing conflicts, the proportion of CEOs who felt their company is highly or extremely exposed to geopolitical conflict risk fell 7 percentage points (to 18%).
CEOs in most regions of the world are also more likely to be optimistic about domestic economic prospects than pessimistic. However, CEOs in North America and Western Europe buck the trend – in Western Europe, 32% expect their domestic economies to improve, 48% decline; North America, 31% and 52%, respectively.
CEOs are more likely to plan to increase than decrease their headcount in the next 12-months, with 39% reporting that they expect to increase their headcount by 5% or more. Employers in every region are more likely to increase than decrease headcount, with the Middle East the most bullish on hiring (65%).
While the trajectory is positive, confidence is fragile as megatrends including technological disruption – exemplified by generative AI – and the climate transition converge. Almost half (45%) of CEOs say they do not believe their current business will be viable in a decade if it continues on its current path – up from 39% in 2023. Reflecting uncertainty about how they will manage megatrends, CEOs are somewhat less confident than last year in their own company’s prospects for revenue growth over the next 12 months – down from 42% to 37%.
Bob Moritz, Global Chair, PwC, said:
“As business leaders are becoming less concerned about macroeconomic challenges, they are becoming more focused on disruptive forces within their industries. Despite rising optimism about the global economy, they are actually less optimistic than last year about their own revenue prospects, and more acutely aware of the need for fundamental reinvention of their business. Whether it is accelerating the roll-out of generative AI or building their business to address the challenges and opportunities of the climate transition, this is a year of transformation.”
The AI opportunity
CEOs overwhelmingly see generative AI as a catalyst for reinvention that will power efficiency, innovation, and transformational change. Nearly three-quarters (70%) believe it will significantly change the way their company creates, delivers, and captures value in the next three years.
CEOs are also optimistic about the short-term impact. Over the next 12 months, almost three-fifths (58%) expect it to improve the quality of their products or services and almost half (48%) say it will enhance their ability to build trust with stakeholders. They also expect better outcomes for their business – 41% expect it to positively impact revenue and 46% expect it to positively impact profitability. The technology, media and communications sector is most positive about the impact on profit (54%), while energy, utilities and resources are least optimistic (36%).
But while CEOs are increasingly looking to the transformative benefits of generative AI, the great majority say it will require workforce upskilling (69%). They have also expressed concern about an associated rise in cybersecurity risk (64%), misinformation (52%), legal liabilities and reputation risks (46%), and bias towards specific groups of customers or employees (34%) in their companies.
CEOs report progress on climate priorities
As CEOs establish priorities, many are seeing the climate transition as an industry disruptor containing distinct opportunities in addition to risks. Nearly one-third expect climate change to shift the way they create, deliver, and capture value over the next three years – up from less than one-quarter who said as much regarding the past 5 years.
CEOs are making progress in turning their commitments into action. 76% have either begun or completed steps to improve energy efficiency, while 58% report having made similar strides when it comes to innovating new, climate-friendly products, services or technologies.
On the other hand, only 45% note having made progress on or completed incorporating climate risk into financial planning (with 31% noting no plans to do so). Action on adaptation to physical climate risks is also lagging at 47% (with 29% noting no plans to act).
The survey suggests significant support for decarbonisation, with only 26% saying that a lack of board or management buy-in is at least a moderate barrier to decarbonisation. Instead, CEOs cite regulatory complexity (54%) and lower economic returns for climate friendly investments (51%) as the biggest barriers to be overcome. CEOs are beginning to take on the economic barrier, with four in ten reporting that they have accepted lower hurdle rates for climate-friendly investments than for other investments—in the majority of cases between one and four percentage points lower.
The reinvention imperative
As CEOs become more aware of the megatrends facing businesses globally, survey respondents expressed increased concern around their long-term business viability. Almost half (45%) note they are concerned their businesses will not be viable beyond the next decade without reinvention – up from 39% in 2023. Notably, the survey shows smaller companies are at greater risk: 56% of CEOs leading businesses generating less than US$100 million in annual revenue believe their businesses will only be viable for 10 years or less if it continues running on its current path. This falls to 27% for those making US$25 billion or more in revenue annually.
Almost all (97%) CEOs note they have taken steps to change how they create, deliver, and capture value in the past five years, and over three-quarters (76%) have taken at least one action that had a large or very large impact on their company’s business model.
But while CEOs are taking action, they are faced with a number of challenges. Two thirds (64%) cite the regulatory environment as inhibiting their ability to reinvent their business model to at least a moderate extent, 55% point to competing operational concerns, and 52% point to a lack of skills in their company’s workforce.
A further obstacle is inefficiency. CEOs perceive significant inefficiencies across a range of their companies’ routine activities—everything from decision-making meetings to emails—viewing roughly 40% of the time spent on these tasks as inefficient. A conservative PwC estimate of the cost of that inefficiency would be tantamount to a self-imposed US$10 trillion tax on productivity.
Bob Moritz, Global Chair, PwC, concludes:
“This year’s data suggests a high degree of CEO uncertainty ahead, but CEOs are taking action. They are transforming their business models, investing in technology and their people, and managing the risks and opportunities presented by the climate transition. If businesses are to thrive over the short and long-term, build trust, and deliver sustained and long-term value, they must accelerate the pace of reinvention.”
Notes to Editors:
About the 27th Annual PwC Global CEO Survey
PwC surveyed 4,702 CEOs across 105 countries and territories from 2 October through 10 November 2023. The global and regional figures are weighted proportionally to country nominal GDP. The industry and country-level figures are based on unweighted data from the full sample of 4,702 CEOs. The full findings can be accessed on pwc.com/ceosurvey, and the interviews can be found at strategy-business.com/inside-the-mind-of-the-ceo.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with over 360,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
Lending revenue dips against backdrop of record-high indices
NEW YORK, Jan. 2, 2025 /PRNewswire/ — The global securities finance industry generated $9.64 billion in revenue for lenders in 2024, according to DataLend, the market data service of fintech EquiLend. The figure represents a 10.3% decrease from the $10.74 billion generated in 2023.
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, totaled an additional $2.57 billion in revenue for 2024, a 9.9% decrease from 2023.
Equity lending revenues fell 13% globally, with North America revenue declining 15% and EMEA revenue dropping 24%. In North America, the cause for the revenue decline was a 19% decrease in average fees, while in EMEA, fees and balances decreased 16% and 11%, respectively. Equity lending revenues in APAC were largely flat year-over-year.
Global sovereign debt revenue increased by 8% over 2023, with U.S. treasuries making up the lion’s share of the gains. Treasuries were up 16% year-over-year, driven by a 14% growth in balances.
In corporate debt lending, global revenue declined by 21% as a regression from a record 2023 continued. Fees were the main culprit, with a steep 29% decrease driving the year-over-year decline in revenue.
The top five earning securities in 2024 were Sirius XM Holdings (SIRI US), Lucid Group (LCID US), Beyond Meat Inc. (BYND US), Tempus AI Inc. (TEM US) and Trump Media & Technology Group (DJT US). The five securities in total generated $644 million for lenders over the course of 2024, a significant dip from the $1.11 billion generated by 2023’s top five earners.
Bloomberg Terminal users can subscribe to EquiLend’s exclusive Orbisa securities lending data by entering terminal shortcut APPS ORBISA About DataLend About EquiLend Logo – https://mma.prnewswire.com/media/1060364/EquiLend_Logo.jpg
DataLend, the market data service within EquiLend’s Data & Analytics Solutions group, tracks daily market movements across more than 200,000 securities, covering $35 trillion in lendable assets and $2.6 trillion in on-loan assets for the securities finance market. www.datalend.com
EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. EquiLend has offices in North America, EMEA and Asia-Pacific and is regulated in jurisdictions around the globe. www.equilend.com
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NEW YORK, Jan. 2, 2025 /PRNewswire/ — In a dynamic and increasingly complex business environment, small businesses across the USA are experiencing a growing need for expert financial management solutions. Bookkeeping in USA, a critical yet often overlooked business function, is proving essential for companies striving to stay competitive, compliant, and efficient.
Recent studies highlight the importance of tailored bookkeeping solutions to address challenges such as fluctuating tax laws, rising operational costs, and stringent compliance requirements. The demand for professional bookkeeping services in USA has surged, showcasing their role in fostering small business resilience and growth.
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The Role of Bookkeeping in Small Business Success
Bookkeeping in USA offers small business owners’ clarity and control over their financial health. As the business landscape evolves, it is becoming a strategic necessity rather than just a support function. Challenges like tax compliance, cash flow management, and accurate financial reporting require dedicated expertise, which many small business owners find daunting to handle independently.
Insights from Industry Experts
“Small businesses are the backbone of our economy, and they deserve tools that empower them to succeed,” says Ajay Mehta, CEO of IBN Technologies. “Bookkeeping services enable entrepreneurs to focus on their strengths while ensuring their financial bases are secure.”
IBN Technologies has positioned itself as a leader in this space, offering streamlined bookkeeping services that align with industry standards and leverage cutting-edge technology. The company’s solutions are designed to help businesses avoid costly financial missteps, manage cash flow effectively, and maintain compliance with ever-changing regulations.
Modernizing Bookkeeping with Technology
The adoption of cloud-based bookkeeping solutions marks a transformative step forward for small businesses. Real-time access to financial data, enhanced security, and seamless collaboration between business owners and financial experts have made these tools indispensable. IBN Technologies integrates state-of-the-art technology into its services, ensuring clients can monitor their finances anytime, anywhere.
Addressing Tax Compliance and Financial Challenges
One of the most significant challenges for small businesses in the USA is navigating the complex web of federal and state tax laws. IBN Technologies specializes in offering tax-ready to serve bookkeeping in USA that not only mitigate the risk of audits but also identify potential tax savings. This dual approach has enabled many businesses to achieve better financial outcomes while reducing stress.
About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
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Fintech PR
CUBE COMPLETES ACQUISITION OF THOMSON REUTERS REGULATORY INTELLIGENCE AND ODEN BUSINESSES
- Acquisition delivers an expanded customer base with a deep global subject matter expertise network that further powers CUBE’s RegBrain AI across its industry proven SaaS RegPlatform™
- CUBE continues to see strong organic customer growth in its well-established enterprise sector whilst also accelerating growth across the mid-market sector
- 2024 was a year of strategic milestones for CUBE including the partnership with Hg, expanding its global footprint across six main hubs, the acquisition of Reg-Room and Thomson Reuters Regulatory Intelligence and Oden businesses, together with pivotal board and executive appointments
LONDON, Jan. 2, 2025 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), has today formally announced the completion of its acquisition of the Thomson Reuters Regulatory Intelligence and Oden businesses on 31 December 2024.
The acquisition of these global businesses is another step forward in CUBE’s growth plans as a leader in regulatory intelligence. It will supplement and enhance CUBE’s ability to deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s global customer base will expand to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s Founder and CEO, Ben Richmond, said: “The completion of this acquisition is a major milestone for CUBE in a year that has seen many important milestones including our strategic partnership with Hg, the acquisition of Reg-Room, and the acquisition of Thomson Reuters Regulatory Intelligence and Oden businesses.”
“Thomson Reuters is best known in the industry for providing regulatory analysis and subject matter expertise combined with world-leading journalism and news,” said Ben Richmond. “The powerful combination of CUBE’s AI and the years of human generated content curated by Thomson Reuters Regulatory Intelligence and Oden subject matter experts sets us apart in the industry. This new dimension at CUBE will accelerate innovation and drive further growth and opportunity in 2025 and beyond.”
Following the announcement of its strategic partnership with Hg in March 2024, CUBE has now completed two transformational US-based acquisitions across three businesses whilst continuing to assemble a highly experienced executive team. CUBE’s continued impressive growth saw its presence in the enterprise sector surpassing 200 customers and now represents around 40% of Tier 1 financial institutions globally. In the mid-market sector, serving small and medium sized enterprises, CUBE now has near 800 customers.
With this growth CUBE solidified its global footprint by establishing offices across its six main hubs focused on customer support and implementation; with the number of employees at CUBE doubling to near 700 and a comparable increase in the number of countries where CUBE’s employees are located, which now totals 15 countries.
Ben Richmond said: “We are excited to welcome all of our new colleagues to CUBE – 2025 promises to be yet another significant year for the business as we continue to deliver further innovation focused on automating regulatory compliance and risk management for our customers.”
The definitive agreement was originally announced in May 2024 and terms were not disclosed.
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View original content:https://www.prnewswire.co.uk/news-releases/cube-completes-acquisition-of-thomson-reuters-regulatory-intelligence-and-oden-businesses-302341226.html
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