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Banking & Finance
CAMERON ATFIELD 1:32pm Closures affect 159 jobs in Queensland and Western Australia.
Patrick Durkin 7:24am Major financial institutions need to beef up their technology and compliance systems to avoid being used as a “conduit” to fund terrorism, the money laundering regulator has warned.
James Eyers 8:28am Customers of National Australia Bank are paid the most on their deposits, while Commonwealth Bank of Australia customers receive the least of the major banks, according to the Macquarie Securities RFi retail banking report released on Tuesday.
James Eyers A new report shows continued decline in cash and cheque as methods of payment around the world but a massive surge in payments from mobile devices.
James Eyers The federal government's move to leave the superannuation guarantee at 9.5 per cent only adds to looming pension problems that will take Australia down the path of struggling European economies and make the current budgetary malaise look like child's play, AMP chief executive Craig Meller warns.
MARK MULLIGAN Lending by banks and other financial institutions expanded at a slower pace than expected in August, as growth in mortgages failed to compensate for flatness in the business sector.
PETER KER Lenders toward the second stage of the Oyu Tolgoi mine in Mongolia do not expect Rio Tinto to meet this week's funding deadline.
Gareth Hutchens and James Massola The federal government looks set to secure its plans to wind back Labor's rules governing financial advice.
James Eyers The valuations of Australia's big banks could be sliced by up to 16 per cent and bank share prices could fall further if the Reserve Bank of Australia targets lending through macroprudential policy and the financial system inquiry forces banks to hold more capital for being "too big to fail".
James Eyers More than half of bank hybrids listed on the Australian Securities Exchange are trading below their issue price, leaving some investors – who have invested a total of $15 billion in the controversial instruments – facing capital losses.
GARETH HUTCHENS A Senate committee has warned the government that the regulations it used to water down laws surrounding financial advice could themselves be repealed in a little over two months.
Shaun Drummond Aussie Home Loans executive chairman John Symond says governments should dampen property prices by increasing housing supply rather than regulators intervening to douse demand.
Stephen Cauchi The use of macroprudential tools to cool down the housing market was "sound and sensible" with "not much downside", Reserve Bank Governor Glenn Stevens told a leading economic forum on Thursday.
Stephen Cauchi Reserve Bank of Australia Governor Glenn Stevens may consider some limits home loans to investors to stop distortions in the housing market.
ADELE FERGUSON If there is one thing the financial services sector can agree on it is that public trust in the financial planning industry has hit rock bottom. How to repair the damage is being hotly disputed and putting the industry at war with itself.
GARETH HUTCHENS Critics have slammed the call for an independent governing body for the financial planning industry as little more than a "distraction" from the Abbott government's controversial financial advice rules, which are likely to face a senate vote this week.
SALLY ROSE Australia’s largest life insurer TAL has confirmed that the head of its life insurance division Brett Clark will succeed retiring group chief executive Jim Minto from April next year.
National Australia Bank, the country's fourth-biggest lender by market value, is weighing the sale of its insurance unit, which has been a drag on its earnings and capital, people familiar with the matter told Reuters.
Bianca Hartge-Hazelman The corporate watchdog is expected to examine Deutsche Bank’s internal reporting systems and compliance regime in Australia as part of its investigation into a rogue currency trader who cost the investment bank up to $5 million.
Hannah Low A former Queensland state manager of JBWere claims she was sexually harassed and bullied to stand down from her high-paying job after taking time off to have two children.
GARETH HUTCHENS The Financial Services Council has become so concerned about the level of public distrust in the financial planning industry that it is calling on the Abbott government to establish an independent governing body.
Bianca Hartge-Hazelman The currency trader sacked by Deutsche Bank in Australia for trying to conceal losses that cost the bank up to $5 million may have overstated his trades by millions of dollars more before internal controls caught up with him.
Shaun Drummond Banks and credit unions are in close talks with Visa to work out whether they will have to give up some of their estimated $9 billion in payments revenue to Apple.
Vanessa Desloires Macquarie Bank – famously known as “the millionaires factory” – is back on top, with chief executive Nicholas Moore and his management team taking out three of the top five places on this year’s list of highest paid executives.
Bank of Queensland will pay $17 million in compensation to customers caught up in the Storm Financial scandal.
Bianca Hartge-Hazelman A Deutsche Bank foreign exchange trader has been sacked and is under investigation by Australian regulators for inflating trades and costing the investment bank up to $5 million in losses, Fairfax Media can reveal.
Adele Ferguson and Ben Butler It is the cheat sheet at the centre of the Macquarie Private Wealth scandal that the millionaires' factory and the corporate regulator, the Australian Securities and Investments Commission, refuses to confirm or deny exists.
CLANCY YEATES National Australia Bank's chances of selling its British assets have been bolstered by Scotland's decision to reject independence in this week's historic referendum.
Sarah Thompson and Jemima Whytre Macquarie Group struck a secret deal to profit from the sale of the now-failed van Eyk Blueprint fund management business at the same time it was the responsible entity charged with protecting investor interests.