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JPMorgan Chase chief executive Jamie Dimon says that his retirement is still "several years away," adding that even though "it's always up to God and the board" he is open to staying at the company as executive chair. The 69-year-old, who has been CEO of the bank for nearly two decades, surprised investors last year when he said he would step down within five years, leading to speculation about who might take the helm in his place. In an interview broadcast on Fox Business on Monday, he also told Maria Bartiromo what he would say to a younger person who “wants to become the next Jamie Dimon.” “Talk to everybody. Talk to every side. Don’t become weaponized by one side,” he said.

 

New York Post

Wall Street Journal

Nike has appointed Michael Gonda as its new top communications executive, succeeding KeJuan Wilkins. Mr Gonda, who previously worked at McDonald's as chief impact officer in North America, will oversee all communications at Nike. Chief executive Elliott Hill emphasized Mr Gonda's impressive track record, commenting: “Michael has a proven track record of elevating and protecting the reputations of some of the world's most prominent brands”.

 

The Oregonian

Uber Technologies has named Andrew Macdonald as its first chief operating officer since 2019, as part of an executive shuffle that includes the departure of senior vice president of delivery Pierre-Dimitri Gore-Coty. In his new position, Mr. Macdonald will oversee both businesses along with cross-platform efforts like advertising, customer support and the company’s autonomous vehicles strategy. “This is a natural next step in our evolution as a company,” wrote chief executive Dara Khosrowshahi. Consolidating the leadership of core business units under Mr. Macdonald will help “accelerate” its efforts to increase customer engagement across its services, he added.

 

Bloomberg

Financial Times

Reuters

A little-known provision in President Donald Trump’s tax-and-spending bill, dubbed the "revenge tax," would allow the U.S. to impose up to a 20% tax on foreign investors from countries seen as unfair to American businesses. Targeting passive income like dividends and interest, the tax could affect individuals, governments, and companies. Critics warn it may deter foreign investment in U.S. assets, worsening trade tensions and reducing global demand amid existing concerns over the U.S. deficit and trade policy.

 

Wall Street Journal

U.S. manufacturing activity contracted further in May, hitting its lowest level since November. The Institute for Supply Management (ISM) said Monday that its purchasing managers’ index of manufacturing activity fell to 48.5 in May, from 48.7 in April, below the 50-mark separating expansion from contraction, and matching a consensus of economists polled by the Wall Street Journal. Measures of demand were mixed, said Susan Spence, chair of the ISM Manufacturing Business Survey Committee. New orders and backlog of orders indexes declined at slower rates than April, though customers’ inventories and new export orders contracted more strongly. A separate survey from S&P Global Market Intelligence, however, suggests that the sector actually picked up last month, remaining in expansionary territory for the fifth straight month, with the PMI at 52. New orders rose to their strongest level in three months, there was a record-high increase in input inventories, and employment grew for the first time in three months. S&P chief business economist Chris Williamson said: "Encouragingly, manufacturers regained some optimism in May after sentiment had been hit hard by tariff announcements in April, partly reflecting the pauses on new levies. However, uncertainty clearly remains elevated amid the fluid tariff environment, and factories have so far shown a reluctance to expand headcounts in the face of such volatility."

 

BloomingBit

Advisor Perspective

Forex Live

Wall Street Journal

U.S. construction spending unexpectedly fell in April,  the Commerce Department reported on Monday, weighed down by a decline in outlays on single-family housing projects amid higher borrowing costs and a rising supply of unsold homes. Spending was down 0.4% from March, and by 0.5% on an annual basis. Economists polled by Reuters had expected a monthly rise of 0.3%. Spending on private construction projects slipped 0.7%. Investment in residential construction dropped 0.9%, with outlays on new single-family housing projects declining 1.1%. Outlays on multi-family housing units dipped 0.1% in April. Public construction work spending rose 0.4%, was up 0.3% on state and local government projects, and grew 2.7% at the federal government level. 

 

Reuters

Microsoft says it is cutting hundreds more jobs just weeks after 6,000 layoffs were announced last month. More than 300 employees were told their positions had been eliminated on Monday, according to a Washington state notice. “We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson said.

 

Bloomberg

Automakers are warning that China's restrictions on rare earth magnet exports could lead to significant production disruptions, potentially forcing car factories to close within weeks. The Alliance for Automotive Innovation has expressed urgent concerns, stating that without reliable access to these essential components, the production of critical automotive parts will be severely impacted.

 

Reuters

The world’s advanced economies risk a significant GDP loss if they move too quickly to localize supply chains as a result of the deteriorating geopolitical environment, the OECD has warned.

 

Financial Times

Google parent company Alphabet is to spend at least $500m over the next 10 years on rebuilding its global compliance structure to settle with shareholders suing it for alleged antitrust violations. The changes include creating a standalone board committee to oversee risk and compliance, which was previously the responsibility of the Alphabet board's audit and compliance committee. Alphabet has also said it would create a senior vice president-level committee to address regulatory and compliance issues and a compliance committee consisting of Google product team managers and internal compliance experts. “Over the years, we have devoted substantial resources to building robust compliance processes," the company said. "To avoid protracted litigation we're happy to make these commitments." Google denied wrongdoing in agreeing the settlement. 

 

Financial Times

Reuters

A survey of 218 finance leaders by Vena Solutions, which provides an artificial intelligence-powered FP&A platform for users of Microsoft technology found that, while finance departments are placing increased value on AI and machine learning, skills in those areas are, at least for now, unlikely to be the determining factor in a professional landing a job or getting a promotion. Fifty-seven percent of those questioned said that their teams are using AI to handle various operations, such as data entry, reconciliations and forecasting. That proportion will rise, as an additional 21% said they’ve acquired AI solutions but not yet adopted them. However, when asked to identify the single most important skillset to prioritize in building a strong finance team, only 4.6% of those polled selected AI/machine learning. Three times that many (14.7%) picked advanced knowledge of Excel. Despite the growing adoption of AI tools, “Excel remains the workhorse many teams rely on to power or supplement [their] capabilities and automation solutions,” said Craig Schiff, chief executive of BPM Partners, a business performance management advisory firm that collaborated on the survey with Vena.

 

CFO

A study conducted by Wakefield Research on behalf of Coupa, a provider of an artificial intelligence-driven spend-management platform, found that 40% of finance chiefs and other finance chiefs in the U.S. see AI as a top growth strategy for 2025. Thirty-nine percent said M&A activity is their main focus, with 38% citing an expanded workforce, and 37% broadening their product offerings. Coupa reported that growth “remains a priority, but with a sharper focus on efficiency, consolidation and long-term scalability rather than unchecked expansion.” Finance leaders “are not ignoring risks, but rather positioning their organizations for sustainable growth in an unpredictable world.”

 

CFO

Accounting enrollment has experienced a significant increase, marking the third consecutive semester of growth across various undergraduate institutions. According to the National Student Clearinghouse Research Center, spring 2025 saw a 12% rise in accounting enrollment, adding 29,312 students for a total of 266,507. AIPCA chief executive Susan Coffey said: “More bright minds are choosing accounting, where graduates find dynamic career opportunities.” Notably, two-year institutions reported a 24% increase, while four-year institutions saw an 11% rise. Factors influencing students' decisions to major in accounting include job demand (66%) and earning potential (56%). Various initiatives are underway to enhance the accessibility and appeal of accounting careers, including scholarships and outreach programs.

 

Bloomberg Tax

CPA Practice Advisor

Journal of Accountancy

Ford is facing a crisis as over 10,000 workers at its Cologne plant in Germany went on strike for the first time in its 100-year history. The strike was prompted by plans to cut 2,900 jobs. Industry experts, including Ferdinand Dudenhöffer from the Bochum Center for Automotive Research, warn that Ford's position in Europe is precarious as the company struggles to adapt to the shift towards electric vehicles. David Lüdtke from the IG Metall labor union says he remains committed to fighting for job security and fair compensation for employees.

 

Deutsche Welle (EN)

McDonald's flagship store in Hong Kong, a 9,000 sq ft outlet at the Admiralty Centre, is set to overtake a location at London's Liverpool Street station as the busiest in the fast-food chain's global network of more than 40,000 outlets. The Hong Kong restaurant, which recently reopened after a three-week closure for renovation work, serves more than 1,000 customers an hour during peak periods. “We are competing to get to first place, beating the Liverpool [Street] outlet,” commented international developmental lead, Hisham Sidky, adding that it will surpass London "very soon. If not this month, it will be next month."

 

South China Morning Post