More Finance Chiefs Resigned in 2020 Than in Previous Years

Erwin Oropesa

More chief financial officers resigned from large U.S. companies in 2020 than in previous years, as the pandemic put pressure on corporate balance sheets and the executives who manage them.

Thirty-seven companies in the S&P 500, including

General Motors Co.

and

HP Inc.,

last year said that their CFOs would quit, up 27.6% from 2019. The figure for 2020 is higher than the average number of resignations over the past decade, which totaled about 25 a year, according to data provider MyLogIQ. Resignations are typically voluntary, as opposed to terminations, but the language in corporate filings can sometimes be ambiguous.

That is contrary to what recruiters had expected in the early days of the pandemic—some predicted executives would stay put—and comes after years of heated competition for finance talent.

For many CFOs, the pandemic added to an already high workload and long hours. Their roles have become more central in

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Wells Fargo to Sell its Canadian Equipment Finance Business

Erwin Oropesa

Toronto-Dominion Bank (NYSE:TD) has announced that it plans to acquire Wells Fargo‘s (NYSE:WFC) Canadian direct equipment-finance business for an undisclosed amount.

The unit has assets of roughly 1.5 billion Canadian dollars ($1.18 billion) and over 120 employees.

TD Bank expects the purchase to add scale to its existing Canadian equipment financing business and gain share in some of its big markets. The deal is expected to close in the first half of the year.

Wells Fargo

Image source: Wells Fargo.

David Marks, head of Wells Fargo Commercial Capital, issued a statement saying, “This group of talented Canada-based employees and their equipment finance customers will benefit from TD’s strong franchise and allow us to focus our efforts on our U.S. equipment finance capabilities while continuing to serve our asset-based lending and distribution finance customers in Canada.” 

The deal comes as Wells Fargo continues to shed business

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YFDAI Finance on Path to Push DeFi to the Limit, Starting with SafeSwap and Launchpad

Erwin Oropesa

Emerging decentralized finance (DeFi) ecosystem, YFDAI Finance, announces the launch of two new services – SafeSwap and Launchpad, both key moves in the promotion of mass growth and adoption of DeFi services.

DeFi is becoming the “next big thing,” in which cryptocurrencies and their underlying blockchain technology deploy for new uses and a widening user-base.  Among DeFi’s main selling points is the promise of better alternatives to what is offered in the traditional banking sector, in many cases at a fraction of the cost.  Additional advantages include ultra-low barriers to otherwise excluded financial service clients and better investment opportunities with attractive returns in comparison to conventional instruments. All of these aspects of DeFi will exist in a context of enhanced transparency, security, and user control over their funds.

SafeSwap is YFDAI’s decentralized exchange (DEX), created by a fork of the popular Uniswap platform. This DEX enables select crypto

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