Editor's note: NeuGroup Quick Takes will be updated with new takeaways following the completion of each of NeuGroup's spring peer group meetings.
Event Week: March 23-26, 2026, San Diego
A packed week of insights shared at Qualcomm’s headquarters kicked off with members of NeuGroup for Foreign Exchange engaging in proactive, outcome-oriented discussions on AI, forecasting, hedging and market volatility. The FX meeting began the same day as the publication of the NeuGroup Guide: FX Hedging, a timely companion to conversations about how FX teams are refining programs, improving forecasting and rethinking processes in a more uncertain market environment. Qualcomm then hosted a joint meeting of NeuGroup for Mega-Cap Assistant Treasurers and NeuGroup for Large-Cap Assistant Treasurers where members dug into many of the same priorities—including AI, liquidity, capital allocation and M&A execution—from a broader perspective. The four days offered a concentrated look at how treasury teams are trying to improve execution while preserving flexibility. AI is getting practical, fast. AI was the most persistent theme, with conversations ranging from high-level planning on transformational projects to automating small, everyday tasks. The discussions ran through many practical use cases: summarizing materials, building dashboards, reviewing policies, generating analyses, creating lightweight agents and accelerating work that used to sit in Excel or email chains.
- FX members narrowed into this, with a dive into one member’s heavily automated hedging process, primarily through so-called “vibe coding” using LLMs. Another FX hedging manager described using AI assistants to condense reports and pull together analysis more quickly.
Forecasting is the finance nerve center. Forecasting was at the heart of conversations all week, especially among FX managers focused on what better forecasts enable and what weak ones still limit. The discussion ranged from making hedging programs more dynamic to improving exposure gathering and reducing manual work.
- It became clear how much structure sits behind mature programs, with one presenter describing a process built around long-dated forecasts, regular review forums and confidence scoring tied to both data and judgment. Forecasting still depends on the quality of inputs as much as the tools used to analyze them.
Managing liquidity amid uncertainty. In discussing the macroeconomic outlook, one session leader from FX meeting sponsor Chatham Financial said, “There’s no longer a base case,” as the war in Iran adds another layer of uncertainty. In the AT meeting, an expert from sponsor TD Securities said the conflict was adding to inflation concerns through oil prices, making markets less confident about rate cuts and more sensitive to how long the disruption might last. As he put it, the “fulcrum for the market is, how long will this last? And how long will oil prices stay high?" - That uncertainty fed into more practical questions around liquidity and capital allocation. One member is spending “lots of time” balancing lower cash, strategic investments and capital return, calling it “capital allocation balanced with appropriate levels of liquidity.” Another said 2026 “looks and feels different,” and her team is working through the “bookend of scenarios, plan of action.”
M&A gets harder when treasury joins late. Three ATs shared how they managed the complexity of recent M&A deals. One compared some separations to a “messy divorce.” The discussion highlighted how deals that look straightforward at a high level can become far more complicated once treasury gets into bank accounts, debt, leases, systems and legal entities.
- The biggest takeaway from the session: treasury needs to be involved early. By the time teams are asked to help execute, many of the decisions that shape cash, funding and bank structure have already been made.
Liability management gets a practical review. During a Spotlight Session in the AT meeting, Loop Capital Markets focused on liability management as a set of usable tools rather than a niche capital markets exercise, with discussion centered on upcoming maturities, above-market coupons and ways to smooth out debt towers before they become a problem.
- One member said Loop’s analysis was compelling not just for interest-expense savings but also as a way to show balance sheet discipline, even if the final call still depends on cash levels and refinancing plans.
NeuGroup for Mega-Cap Treasurers H1 Peer Group Meeting. March 17, 2026. New York City.
Using stablecoins to free trapped cash. One treasurer almost succeeded in using stablecoins to move trapped cash out of Venezuela and volunteered to share the details with peers. (A local stablecoin exchange house license had expired, thwarting the plan for now.) While some members would love to use stablecoins to free cash trapped in countries including Russia, others voiced concerns about regulatory uncertainty, tax implications, accounting treatment and operational readiness. One treasurer is interested in establishing a working group to resolve resolve stablecoin challenges: “My CEO is asking me all the time, ‘Why aren’t we using stablecoin?’”
Tech, talent and treasury 2030. Technology, talent and strategy are converging in a broader treasury transformation toward a “2030” vision. AI adoption—particularly in cash forecasting and automation—was a recurring theme, but participants stressed that success depends on foundational investments like clean data and robust data lakes. TMS decisions remain complex, with no single system meeting all needs, reinforcing the importance of defining future-state requirements before selecting tools. “I find it very challenging to go through the treasury management system search right now as we also are changing how we do things with AI,” one treasurer said. At the same time, talent management remains critical: teams must evolve their skillsets while navigating retirements and organizational change. Working on working capital. Working capital management emerged as a shared priority, with companies focused on both payables and receivables optimization. Several participants discussed extending payment terms (often toward 90 days), though success varies by vendor leverage, industry norms and geography. Members discussed supplier financing and dynamic discounting, with mixed adoption and questions around ROI and operational burden. For receivables, efforts included accelerating collections through ACH, direct debit, and reducing check usage. Virtual cards are seen by some as a practical tool delivering both rebates and extended payables. A recurring challenge is data quality and cross-functional alignment, as procurement and business teams often prioritize P&L over cash flow outcomes.
