Barcode PWC 2012, Bjørn Erik Pedersen , CC BY 3.0

PwC CFO COVID-19 Pulse Survey, the First in a Bi-Monthly Series That Shows How CFOs and Finance Leaders Plan to React to COVID-19 — and What Impacts They Expect to See

Originally published on PwC.com.

Newly released by PwC, COVID-19 CFO Pulse Survey: What finance leaders are focused on reveals how chief financial officers (CFOs) and finance executives in the US and Mexico plan to react to the COVID-19 outbreak and what business and economic impacts they anticipate in the coming weeks and months. Fifty finance leaders weighed in from the US and Mexico from March 9 – 11, 2020.

The potential for COVID-19 to lead to a global economic downturn is the top concern for finance leaders in the US and Mexico. However, 90% of finance leaders say their business would return to normal in less than 3 months if COVID-19 were to end immediately. Other key findings include:

  • All finance leaders say their business is experiencing some impact as a result of coronavirus
  • 54% of respondents say the outbreak has the potential for “significant” impact to business operations
  • 58% expect a decrease in their company’s revenue and/or profits this year
  • 34% say impact has been limited to specific regions, but that they are monitoring developments closely
  • Just 14% of finance leaders reported that their company is not considering any financial actions as a result of COVID-19
  • Only 30% are considering supply chain changes
  • 80% indicated that a potential global recession rated among their top-three concerns with respect to COVID-19
  • 48% of finance leaders expect to change disclosures

“Uncertainty, especially regarding both the length and severity of the COVID-19 pandemic, is a predominant concern for chief financial officers,” said Tim Ryan, PwC US Chair and Senior Partner. “However, with 90% of CFOs and finance leaders optimistic that they can return to normal business operations fairly quickly if the pandemic stops soon, this should signal a strong sense of urgency for business leaders to work closely with government and public health officials to help address the crisis.”

PwC has also created the COVID-19: Navigator — an online tool that helps companies assess the potential impact to their business and gauge readiness to respond to disruption created by the coronavirus pandemic.

“Most finance leaders surveyed seem to be optimistic about a resolution to the spread of the coronavirus and as a result are focused on near-term versus long-term solutions to managing costs,” said Amity Millhiser, PwC US Vice Chair and Chief Clients Officer. “However, if conditions continue to deteriorate we would expect to see a pullback in long-term investment spending as companies move to longer-term cost containment strategies.”

Of the 50 finance leaders surveyed, 80% are from Fortune 1000 companies, with others in healthcare non-profit associations or in privately held companies, and 44 respondents are from the US whereas 6 are from Mexico. The survey will repeat every two weeks to track changing sentiment and priorities.

You can view the findings and insights by visiting pwc.com/us/covid-19-survey.

Latest News

Syracuse University campus

News Roundup: TV Diversity, Syracuse Hire, and Segregated Training

Check out our news roundup of diversity and inclusion updates and insights from across the U.S.: Syracuse University Creates Athletics Diversity Position  While most colleges and universities around the county are making COVID-19-related cuts in regard to their athletic departments, Syracuse University has hired Salatha T. Willis as the associate athletic…

Cesar Conde

NBCUniversal Sets Ambitious 50% Diversity Goal for Women, People of Color

Cesar Conde, chairman at NBCUniversal News Group, announced a groundbreaking goal to have a 50% diverse workforce at NBCUniversal, according to Deadline. Conde, the first Latino in this role, outlined his plans in an internal video for employees on Wednesday. The ultimate goal is for NBCUniversal, No. 7 on DiversityInc’s 2020…

Stop TB Partnership and Johnson & Johnson, with support from USAID and The Global Fund, Announce Price Reduction for SIRTURO® (bedaquiline) for Treatment of Drug-Resistant Tuberculosis in Low- and Middle-Income Countries

Originally published on jnj.com. Joint efforts aim to accelerate scale-up of WHO-recommended all-oral treatment regimens – a transition urgently needed to help protect the health of people with drug resistant-tuberculosis who are particularly vulnerable during COVID-19 pandemic In 2020, the initiative aims to reach at least 125,000 patients and could…

Toyota, Alabama A&M and Huntsville Hospital Collaborate to Make COVID-19 Testing Easier

Originally published on pressroom.toyota.com. $100,000 grant provides free service to the community Alabama A & M University (AAMU), Huntsville Hospital and Toyota are developing a mobile health clinic initiative to provide free COVID-19 testing to underserved communities in Madison County. Launching later this year, the mobile medical clinic program has…

Sanofi and Regeneron Provide Update on Kevzara® (sarilumab) Phase 3 U.S. Trial in COVID-19 Patients

Originally published on sanofi.com. Sanofi and Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced that the U.S. Phase 3 trial of Kevzara® (sarilumab) 400 mg in COVID-19 patients requiring mechanical ventilation did not meet its primary and key secondary endpoints when Kevzara was added to best supportive care compared to best supportive care alone (placebo)….

TD Bank: How a PPP Loan Saved Essential Jobs for Hundreds of Frontline Healthcare Heroes Amid COVID-19

Originally published on newscenter.td.com. Yet, “it’s not about earning a paycheck” for these medical responders A hero is defined as “a person who is admired or idealized for courage, outstanding achievements or noble qualities.” Never has that word resonated more than right now, with millions of frontline responders risking their…

Boeing Dreamlifter Transports 500,000 Protective Face Masks for Utah Students and Teachers

Originally published on boeing.mediaroom.com. Partnered with the state of Utah, Atlas Air, H.M. Cole, Cotopaxi, Flexport and UPS to deliver face masks to school districts with the greatest need Boeing [NYSE: BA] today completed its 12th COVID-19 transport mission, using a Boeing Dreamlifter to bring personal protective equipment (PPE) to the United…