Summary: Several banks, including Webster Financial, Berkshire Hills Bancorp, WSFS Financial, Southern First Bancshares, Horizons Bancorp, BancFirst Corp, New York Community Bancorp, are experiencing high turnover among CFOs due to factors like heightened regulatory pressures, profitability challenges, CEO changes, and retirements. This trend is not unique to banks, as CFO turnover across all public companies has been on the rise since 2019. There is a growing preference for CFOs with strategic finance skills, in addition to traditional accounting expertise.
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