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Coronavirus: 26% of CFOs expect layoffs in the coming month, survey reveals

April 2020 2 min read

Embark CEO Clancy Fossum joins Yahoo Finance’s Zack Guzman to discuss how CFOs and other financial leaders are adapting during the coronavirus pandemic.

Video Transcript

ZACK GUZMAN: Of course, the markets, for the most part, shrugging off that terrible jobs number we got in terms of 5.24 million Americans filing for unemployment claims. When you look at it, that was better than the expected average of 5.5 for economists polled. But still, again, just incredible amount of job losses piling up at this point.

When you think about where we could go from here, of course analysts have been weighing in. But the question becomes what about the people at the top of these companies making the decisions? And PWC conducted another biweekly survey, looking at the CFOs for a lot of the companies in America, figuring out what they could be doing and should be doing when it comes to hiring and firing decisions.

And it's interesting to see that 75% of them said that they fear what could come from a prolonged coronavirus downturn, including the financial impact, including effects on results of operations, future periods and liquidity, and capital resources. More CFOs anticipate workforce reductions on the horizon, 26% of respondents anticipating layoffs in the coming months. So probably not too soon to be expecting that we could see any of the worst being over yet when we continue to track these unemployment claims.

But for more on this, I want to bring on our next guest to discuss what CFOs should be thinking about. The CEO of financial advisory firm Embark, Clancy Fossum, joins us on the call now. And Clancy, when we look at this, obviously CFOs not being very optimistic that the layoffs are soon to end here. But what do you think could be impacting their thinking around...

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