Banks need 'overhaul' not CEO pledges: finance expert
Australia's banks need more than pledges from CEOs to improve their culture following a series of scandals at their financial planning and insurance arms, a leading finance expert has warned.
Australia's banks need more than pledges from CEOs to improve their culture following a series of scandals at their financial planning and insurance arms, a leading finance expert has warned.
Around this time of year, bosses of the big four banks steel themselves for a showdown over the billions of dollars banks lend to fossil fuel projects.
Commonwealth Bank has sliced a range of term deposit interest rates, the second round of cuts since it three months ago trumpeted rate rises on deposits as a win for savers.
Westpac is dismissing concerns of a looming apartment glut in Sydney and Melbourne, arguing neither city will face an oversupply of housing next year when thousands of new units come onto the market.
Governments and big corporations no longer have borrowed money on tap at the lowest interest rates on record.
HSBC is looking to cash in on the rising number of business people making multimillion-dollar fortunes through closer ties with Asia, launching private banking services in Australia.
A series of companies associated with high-flying Sydney accountant have been found to have avoided paying tax by the High Court, in a case that the tax office has described as 'blatant tax evasion'.
CommSec has paid a $200,000 fine for allowing the relative of a deceased client to trade shares on the dead person's online account.
National Australia Bank has denied rigging the key inter-bank lending rate and described parts of Australian Securities and Investments Commission's case as overly simplistic and "embarrassing".
The cost of locking in a fixed-rate mortgage is tipped to rise thanks to a surge in global bond yields, which has gained momentum after Donald Trump's election win.
ANZ Bank has again been hit with allegations of sex bar bragging and male managers telling their female colleagues they 'can suck my d--k'.
As one major Australian bank prepares to leave western Sydney, another is preparing to move in with the NAB likely to become an anchor tenant at Parramatta Council and Walkercorp's Parramatta Square project.
Citi is getting rid of cash in its Australian bank branches, because it is no longer worth offering the service that is used by less than one in twenty customers.
The rise of big data should make financial services cheaper, but also raises risks for consumers.
National Australia Bank chief executive Andrew Thorburn's pay packet rose to $6.7 million last financial year - about 80 times the average full-time wage of $81,900.
National Australia Bank is eyeing a lift in home loan revenue thanks to a recently-completed technology overhaul that it says is already turning more customer inquiries into loan sales.
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Something unusual happened to the banks' profits this year. For the first time since the global financial crisis, they fell.
The Commonwealth Bank made 1400 investigations into suspected staff misconduct over the last year, with 59 cases involving executive managers.
An employee from the Australian Securities Investments Commission is facing up to 10 years in jail after being charged with money laundering offences.
Wednesday's marked the day of the shareholder revenge - shareholders democracy in action.
Laws in Australia that prevent whistleblowers speaking out need to be changed, according to the lawyer running the class action on behalf of Christmas Island detainees.
Commonwealth Bank has withdrawn a controversial resolution asking shareholders to approve changes to its bonus scheme for chief executive Ian Narev, which would have introduced new performance hurdles relating to people and culture.
Westpac chief Brian Hartzer was paid $6.7 million last financial year - less than its predecessor Gail Kelly, but still about 80 times as much as the average Australian worker.
Cash Converters will refund almost $11 million to payday loan customers after the corporate watchdog caught it failing to check if borrowers could afford to pay back the loans.
US-style whistleblower laws don't just pay bounties, they stop companies retaliating against workers doing the right thing by society, US lawyer Jordan A. Thomas says.
CBA notched up a $2.4 billion profit in its first quarter, unchanged from a year earlier, as higher funding costs and falling interest rates weighed on profit margins.
The major banks will continue to exit the wealth and insurance markets as they look to refine their business models, a report predicts.Â
You know the hordes complaining about credit card interest rates of 22 or 23 per cent? They don't know what high interest rates are.
For Wall Street's bond traders and investment bankers, prospects for year-end bonuses are improving.
Local shares soar, pushing the ASX above 5400 after record closes on Wall Street and a surge in the oil price.
After a game-changing year in markets, prepare for improved, but modest, growth next year, Societe Generale says.
The family the founded Nudie juice had a sweet beginning but all has turned sour, with the family losing a court case, backed by the ATO, and being hit with a $125 million tax bill.
Politics is the new economists, says HSBC, and currency traders are gearing up for the next battleground - the Italian constitutional referendum.
Gold Coast mayor Tom Tate doesn't believe it's too soon after the Dreamworld disaster to start talking about another theme park in the region.
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A free independent guide from SMH with expert information.
A free independent guide from SMH with expert information.
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