The Commonwealth Bank could face a $200 million rise in its annual operating costs over the next two years because of legal fees and other costs created by a money laundering compliance scandal, analysts predict.
Up to $500 billion of mortgages on Australian banks' books are based on factually incorrect loan applications – or liar loans, a UBS report says.
Macquarie Group has signalled it expects profit growth for the first half as it affirmed full-year earnings are on track to come close to another record performance.
A restructure of ANZ Bank's Australian arm aims to leave the division with 150 teams that will look more like start-ups than traditional parts of a bank, says an executive running the process.
If there is any doubt the life insurance industry continues to have serious problems, take a look at what ASIC deputy chairman Peter Kell told politicians on Friday: "This is a sector that needs to focus on the concept of fairness," he said
The review comes in the wake of numerous scandals including allegations of money laundering, unfair denial of life insurance claims and financial planning rip-offs.
CommInsure has admitted that the last year has been "challenging" for the insurance company after claims handling problems were exposed.
Distrust of Australia's banks will continue unless the "drip feed" of industry scandals ends, regulators have warned.
Home loan approvals have shown a surprise lift in July, but the continuing decline in investor loans has underlined the effectiveness of recently introduced lending controls.
One of America's three biggest credit-reporting companies was struck by a cyberattack that left almost half the US population at risk, placing it among the most intrusive security breaches in history.
Banks' highly profitable home loan businesses face mounting "headwinds" as fierce political scrutiny makes it harder for lenders to raise interest rates.
A licence to lend money does not give you a licence to break the law and leave others to foot the bill, no matter how big you are.
The corporate watchdog should be given stronger powers to ban senior financial services managers and directors who oversee serious breaches of the law, an official review suggests.
An Australian fugitive businessman holed up in Thailand has been extradited to face charges relating to misconduct at a company now led by financial entrepreneur Mark Bouris.
A group of disgruntled clients have accused Macquarie Group of fostering a toxic culture of harassment and predatory behaviour amid claims a male stockbroker cut off the ponytail of a female assistant and another adviser took "upskirting" photos of a colleague under her desk.
A shake-up of the Commonwealth Bank's board has failed to stem a further slide in lender's share price, as investors fret over the future fallout of a money laundering compliance scandal.
Commonwealth Bank has underlined the painstaking legal process that awaits it, when claims that it repeatedly breached anti-money laundering and counter terrorism financing laws are tested in court.
US lawyers have told Reuters that CBA was already responding to information requests from a number of US agencies.
National Australia Bank will roll out "virtual bankers" to perform tasks previously completed by staff in call centres, as part of an overhaul of its processes.
The Commonwealth Bank risks being investigated by overseas authorities known to impose hefty fines if its anti-money laundering compliance scandal extended into foreign countries, investors have been warned.
If you have a credit card with a rewards scheme, it's time to reassess whether you have the right one.
The financial regulator is demanding meetings with the boards of superannuation funds that are failing to deliver "quality" outcomes for members, escalating pressure for poorly performing funds to lift their game or merge with a rival.
Future Fund chairman Peter Costello said that the sovereign wealth fund could possibly start managing superannuation money.
The erosion of public trust in banks is part of a wider decline in pubic sentiment towards large institutions, which will take a long time to rectify, National Australia Bank chairman Ken Henry says.
The value of interest-only home loans on the books of Australian banks shrunk for the first time in more than seven years last quarter.
Public confidence in Australia's banks has been steadily eroding since financial deregulation in 1983 to the point where now the brand of the Big Four banks, and especially the Commonwealth Bank, is at its nadir.
A money laundering compliance scandal threatens to cost CBA its position as the country's top-rated banking stock.
After Alex and Lauren Fisher exchanged their wedding vows in June last year, they jetted off to Bali for a honeymoon using money they'd saved with the Acorns investment app.
APRA’s decision to join other regulators in the Commonwealth Bank “culture attack” is well overdue and may be too late.
The Commonwealth Bank is tipped to face further upheaval in its senior management ranks as a result of the banking regulator's move to put the bank's organisational structure under the microscope.
AGL's Liddell power station shouldn't receive funds more usefully invested elsewhere to improve Australia's energy prospects says Christiana Figueres, the former United Nations climate chief.
Australia's winter crop production is forecast to plummet 39 per cent this season as dry conditions hammer harvest particularly for farming mainstays such as wheat and barley.
Attractive sign-up offers tempting Australians to either open online betting accounts or refer a friend to open one will be banned under a new agreement struck by the nation's gambling ministers.
It's not every day the boss needs to justify a successful bid to their staff.
Australia might be getting access to 5G data speeds sooner than expected with the communications regulator fast-tracking preparations to auction the necessary spectrum off to mobile network operators.
With a pricetag set to tip US$1000, the new iPhone has crossed a threshold.
Over the next six months there will be an influx of fresh metal to get excited about.
Accountants want the ATO to clearly define which businesses will be eligible for company tax cuts.
"More and more, employees are lying, scamming, and deceiving to advance their interests."
A free independent guide from SMH with expert information.
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