"We've done the work to reposition our company. We are seeing our investments ... now paying off," CFO James Kavanaugh says.
A 5% cut in costs and a substantial reduction in quarterly income tax helped Bank of America post $6.8 billion in second-quarter earnings.
Bank executives point to progress in cost-cutting initiatives as evidence that Wells Fargo's turnaround effort is on track.
Finance and tax departments have little choice but to build forecasting models that can accommodate a number of different variables.
In addition, they remain extremely conservative about how they "invest" excess cash.
Above all, a CFO has to provide the financial sponsor with an ongoing and accurate window into the company’s performance.
The cash conversion cycle improved once again in 2017, largely because many companies took as long as possible to pay suppliers.
Ex-CEO Kevin Modany and ex-CFO Daniel Fitzpatrick were accused of hiding the failure of two student loan programs that ITT had guaranteed.