Banking & Finance News

AFIC managing director Ross Barker says the bank tax has created a view that governments are not forming policy through ...

AFIC blasts government cash 'grabs'

Stalled budget reforms have forced opportunistic grabs for cash at the expense of investor confidence, says the chief executive of AFIC.

Westpac in talks with Charter Hall over Hastings sale

Negotiations: Charter Hall approached Westpac and is in negotiations for Hastings.

Westpac has entered into exclusive discussions with property giant Charter Hall Group to sell its infrastructure investment business Hastings Management.

The five flaws in our current risk insurance system

Today, I want to talk about the most ignored and, arguably, most vital piece of your financial security puzzle: risk insurance.

Big four banks slash lending to coal miners

The big four banks' lending to coal mining is dropping, as lenders run down carbon-intensive exposure.

EXCLUSIVE

Australia's big banks have slammed the brakes on project finance lending to expand the coal industry since late 2015, but are still lending billions for other fossil fuels developments, environmental finance group Market Forces says.

NAB's Baird eyes gains from 'asset recycling'

Mike Baird, former NSW premier and now senior NAB executive, says infrastructure is a priority area for the bank.

As premier of NSW, Mike Baird helped pioneer "asset recycling". Now, as a NAB executive, he's looking at how the bank and its clients may benefit.

Selling CommInsure could make sense for CBA: analysts

Analysts say there is not a compelling reason for banks such as CBA to own life insurance businesses.

Commonwealth Bank could free up capital by selling its insurance arm CommInsure, analysts said.

Banks as we know them could be gone in a decade

Customers are starting to realise there's a different way of doing their banking.

Banks could face a "Kodak moment" where they approach obsolescence in five to 15 years at the hands of new financial-technology companies, according to former Barclays Chief Executive Officer Antony Jenkins.

'Smiling bankers' as relief rally continues

Analysts are taking a more optimistic view on bank shares after APRA's softer-than-expected lift in capital requirements.

The relief rally in major bank shares sparked by "benign" capital requirements may have further to run, analysts say, as a long-term source of uncertainty has been removed.

Could thumbprints substitute for PINs? Visa thinks so

Visa is working on standards that could allow consumers to provide their thumbprint, rather than enter a PIN.

Providing a thumbprint looks set to be a future alternative to tapping in a personal identification number, amid signs that customers are warming to using "biometric" information when making payments.

Bank shareholders throw a $14 billion party

Capital requirements are going up, but banks can get there without "big bang" capital raisings.

COMMENT

The banks and their shareholders exhaled a collective sigh of relief when the financial regulator pronounced that they were pretty damn close to being 'unquestionably strong'.

Shareholders won't pay for 'unquestionably strong' banks

Wayne Byres' tougher capital rules have taken the risk of large equity raisings off the table, analysts said.

Capital raisings appear to be "off the table" for banks and dividends look safer after APRA's new capital requirements, say investors.

New rules no 'excuse to hit customers', ScoMo tells banks

Scott Morrison says banks that hide behind the new rules to charge more for loans "have to face their customers".

Banks should not use new requirements to strengthen their loss-absorbing buffers as an excuse to hike their customers' loan rates, Treasurer Scott Morrison has warned.

Sharemarket rebound adds $140b to super funds

Super funds added $140 billion to the national nest egg, with an average 10.4 per cent performance for balanced options.

Superannuation funds have rebounded in the 2017 financial year with the average balanced option delivering a 10.4 per cent return, according to SuperRatings research.

Goldman Sachs, BofA results miss

Weakness at both Bank of America's and Goldman's bread-and-butter business sent shares of the firms falling despite both ...

Bank of America and Goldman Sachs joined their rivals by disappointing investors.

Medibank hits the PR trail to cover failures

Medibank is outrageously profitable despite having the industry's highest number of customer complaints.

COMMENT

Medibank's CEO appears to be playing the PR game of blame-someone-else-for-your-challenges.

Global cyber attack could spur $68b in losses: report

A major, global cyber attack could trigger an average of $US53 billion ($68 billion) of economic losses, a report says.

Banks warned tax would lift costs, but did it?

Major bank share prices have fallen since the bank tax was announced, but it has not affected wholesale funding costs.

Investors do not appear to be forcing the major banks to pay more for wholesale funding as a result of the federal bank tax.

Banks brace for 'unquestionably strong' rules

The view in markets is capital requirements are going up, but banks can get there without "big bang" capital raisings.

A key source of uncertainty having over banks could be removed as soon as this week, with the prudential regulator tipped to soon provide long-awaited details of its plan to make lenders more resilient to shocks.

The easiest $50,000 you're missing out on

If you have a $500,000 mortgage, and you can get a 0.5 per cent reduction in your interest rate, that'll save you ...

COMMENT

There's something strange about our relationships with our banks. We'll change supermarkets, even phone companies, but when it comes to our financial affairs, we're more faithful than Red Dog.

'It's almost embarrassing being an American': JPMorgan's Dimon

"The USA has to start to focus on policy which is good for all Americans and that is regulation, tax, education, we have ...

JPMorgan boss Jamie Dimon has vented his frustration with gridlock in Washington.

Bonus crackdown could lift base banker pay

Banks will be forced to defer at least 40 per cent of senior executives' bonuses for four years.

Bank boards may blunt the impact of a new accountability regime on senior bankers' bonuses by bumping up base pay, the federal Treasury has suggested.

Malaysian merger could open window for ANZ stake sale: sources

ANZ's stake is expected to be roughly 10 per cent in the merged entity.

ANZ Bank is moving closer to a deal to sell its Malaysian banking stake to a pension fund and exit the South-East Asian nation, sources familiar with the matter said.

Ban on broker commissions would 'lift interest rates'

Mortgage brokers claim a fee-for-service model would give banks more power in the home loan market.

Industry says abolishing commissions would drive most mortgage brokers out of business.

'Wind and shadows': The Martin Place plan that has Sydneysiders up in arms

An artist's impression of Macquarie's proposed northern tower at Martin Place.

Macquarie Group's proposal to build two towers above new train station at Martin Place has been lambasted.

Manly Ferry trial set to hasten decline of cash, credit cards

Digital wallets are little used today, but future growth looks likely.

COMMENT

The rise of newfangled digital payments took another step last week, when the Manly Ferry began accepting tap-and-go credit card payments for fares.

ANZ settles with broker Aitken over 'sexist' tweet

Angus Aitken and ANZ Bank have reached a confidential settlement, the bank says.

Bank reaches confidential settlement with stockbroker who was dumped after tweet.

$2.4b fight: calls to scrap mortgage broker commissions

Big business: SASIC estimated banks paid $2.4 billion to mortgage aggregators.

The fight over $2.4 billion a year in mortgage broker commissions is heating up, as consumer groups call for all such payments to be scrapped.

'Disappointing': Third of big companies silent on climate risks

The energy and utilities sector had the highest level of disclosure of greenhouse gas emissions, ACSI said.

A third of Australia's largest listed companies are keeping their investors in the dark about how they are managing the potentially large financial risks of climate change, a survey has found.

P2P lending jumps as borrowers seek cheaper loans

SocietyOne chief executive Jason Yetton said institutions and wealthy investors were keen to lend over the P2P platform.

Despite a shrinking market for personal credit, lenders in the nascent peer-to-peer sector such as SocietyOne are enjoying strong growth.

Why Hostplus is betting big on infrastructure

Australian funds managing retirement savings now hold $100 billion in infrastructure assets, double the amount four ...

Australia's top-performing pension fund over the past three years is betting infrastructure assets will offer among the most reliable returns over coming decade

Company offers to implant chips in its employees

Three Square Market is offering all its employees the option to get a microchip implanted between the thumb and forefinger.

5 mins ago

It's quick, painless and the company will even pick up the $US300 fee.

'Pharma Bro' wouldn't be quiet, now in court he won't speak

32 mins ago

Martin Shkreli has been as vocal as ever on social media during his fraud trial. But in court he's choosing to stay mum.

Coke in fresh water funk at Woolworths

40 mins ago

Coca-Cola Amatil has had more bad news from the aisles of Woolworths with the revelation that the supermarket giant will ditch much of its Mount Franklin water product.