Good morning, CFOs. PwC is doubling the number of its U.S. advisory divisions; retailers cut back on free shipping to offset tariff costs; and Texas Roadhouse terminates its CFO.

PricewaterhouseCoopers is overhauling the structure of its U.S. advisory business and hiring for thousands of roles as it sees recovering demand for such services.

The firm told workers Tuesday it plans to expand its advisory divisions to eight from four to provide more industry-specific services to companies, effective July 1. It also will embed managed services—in which consultants operate part of a client’s business, such as information technology and human resources—in each of the divisions as opposed to keeping that group separate.

The eight platforms span the roughly 36,000 advisory partners and employees working for the U.S. unit, including about 15,000 people based in India. The firm said no layoffs are planned as part of the reorganization, and it is hiring for thousands of advisory roles, citing optimism around recovering demand for advisory services. The reorganization is being “approached from a position of strength,” said Tyson Cornell, PwC’s U.S. advisory leader.

The hiring and more positive consulting outlook comes after recent layoffs. PwC last fall underwent its first formal set of U.S. layoffs since 2009, cutting about 1,800 people, or roughly 2.5% of the U.S. workforce. The cuts centered on advisory and products and technology operations. In May, the firm slashed about 1,500 additional jobs, primarily in audit and tax. PwC and other large accounting firms also focus on individual performance as the basis for some cuts.

📆 Earnings:

• Chewy
• Oracle
• SailPoint
• Victoria’s Secret

📈 Economic Indicators:

• The BLS releases the CPI for May.

The estimated funding level of pension plans sponsored by S&P 1500 companies increased 3 percentage points in May to 107% as a result of an increase in discount rates and an increase in equities, according to consulting firm Mercer LLC. As of the end of May, the plans’ estimated aggregate surplus increased by $47 billion, to $102 billion, compared with a $55 billion surplus at the end of April, Mercer said.

“Equities rose significantly in May in response to a temporary pause on certain tariffs, and interest rates also increased slightly due to lingering inflation, as the Fed continues to hold the central rate steady,” said Mercer partner Matt McDaniel.

—Jennifer Williams

Retailers are cutting back on free shipping to offset the steep costs of tariffs.

Some online merchants are eliminating free shipping, while others are raising the amount customers must spend to qualify for the perk as part of broader efforts to pass along higher costs to consumers.

• Exclusive: Wall Street’s push to sell private-equity and private-debt funds to individual investors risks overheating financial markets and backfiring on firms launching the funds, according to Moody’s Ratings.
• The Justice Department will resume investigating foreign-bribery cases with a narrowed focus on matters that relate to U.S. strategic interests, including buttressing the ability of American firms to compete for business overseas.

📰 Other headlines

• Exclusive: Senators Seek Answers on Inflation Stats
• While Senate Considers Genius Act, Russian Is Charged With Stablecoin Laundering
• World Bank Sees U.S. Growth Rate Halving as Tariffs Slow Global Economy
• As Alternative Meats Lose Favor, Impossible Foods Sets Its Sights on Flexitarians
• United Natural Foods Lowers Profit Outlook Despite Higher Quarterly Sales
• J.M. Smucker Shares Slide as Outlook Underwhelms Amid Pressure in Coffee, Snacks
• Designer Brands Pulls Outlook as Sales Fall
• Meta in Talks to Invest $14 Billion in Scale AI, Hire CEO Alexandr Wang
• NRG Energy Used This Accounting Trick to Make Its Earnings Look Less Volatile
• The Media and Entertainment Deal Machine Is Revving Up
• Trade Talks Send S&P 500 to Third Straight Gain
• How the U.S. Government Borrows to Fund Its Massive Budget Shortfall

Corpay, the Atlanta-based provider of commercial credit cards, appointed Peter Walker as CFO, effective July 21. He most recently was CFO at Instructure Holdings, where he led the company's privatization with its sale to KKR. Walker succeeds Alissa Vickery, who has been interim CFO since Tom Panther resigned in March. She will return to her job as chief accounting officer. In 2024, Panther made a base salary of $486,539 with total compensation of $4.3 million, according to a separate filing with the Securities and Exchange Commission.

Texas Roadhouse, the Louisville, Ky.-based restaurant chain, has parted ways with D. Christopher Monroe, who had been CFO since June 2023. Texas Roadhouse said Monroe's departure isn't due to any disagreement related to the company's operations or financial condition, adding that the separation is a termination without cause, entitling him to a severance payment of $883,568. Texas Roadhouse said it has hired an executive search firm to assist in finding a successor to Monroe. The company said Keith Humpich, vice president of finance, will serve as interim chief financial officer.

—Colin Kellaher and Katherine Hamilton contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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