Banking & Finance


Gross seeks 'hundreds of millions' over ouster

Mary Childs 2:38 AM   Bill Gross sued Pacific Investment Management Co, claiming he was wrongfully pushed out as the bond giant's chief investment officer.

Macquarie eyes record $2 billion profit

Macquarie chief executive Nicholas Moore says the bank was in the box seat to pick up Esanda.

Joyce Moullakis 9:30 PM   Acquisitions, a falling dollar and tailwinds from the market add up to good times at the millionaire's factory.

Morrison open to Shorten's $10b fund

IFM Investors chief executive Brett Himbury is pleased to see all sides of politics tuning in to new ways to boost infrastructure investment.

Sally Rose 8:01 PM   Treasurer Scott Morrison has left open the door to supporting Labor's plan to turn Infrastructure Australia into a project facilitator with a $10 billion budget.

BoQ chief glimpses a sunnier state

Bank of Queensland chief executive Jon Sutton says regulation in its favour and a lower Australian dollar should improve its growth and margins in 2016.

Shaun Drummond 7:25 PM   Bank of Queensland's share price jumped more than 7 per cent on Thursday after it reported 2015 results that beat consensus analyst forecasts and signaled better margin growth, but costs have ticked up due to recent acquisitions and are expected to remain higher for the next couple of years.

Calls grow for government to release FSI response

Professor Kevin Davis says banks focused on customer interests shouldn't worry about ASIC getting new powers.

James Eyers 5:05 PM   Financial system inquiry panel member Kevin Davis wants Treasurer Scott Morrison to release the government's response to the inquiry and says banks serving customer interests should not fear new ASIC powers.

IOOF bats away 'flawed' class action

Senate Hearing into IOOF, NSW Parliament House, Sydney.  Story: Sarah Danckert. Photo shows, IOOF  Chief Executive, Chris Kelaher  at the enquiry into IOOF. Photo: Peter Rae Tuesday 7 July, 2015

Adele Ferguson and Sarah Danckert 4:57 PM   The financial services business says it is confident it can defend its positoin

Macquarie to buy Esanda for $8.2b, lifts guidance

Nicholas Moore

Sarah Thompson, Joyce Moullakis and Anthony Macdonald 2:09 PM   Macquarie Group has agreed to buy ANZ's Esanda Dealer Finance unit for $8.2 billion, including debt, almost doubling its motor vehicle finance portfolio.

Joint super 'not the answer' for women

ASFA boss Pauline Vamos said the cost to super funds of allowing couples to hold  joint accounts could push up fees for everyone.

Sally Rose 1:37 PM   A proposal to raise women's retirement savings by allowing couples to combine their super accounts has met criticism.

Deutsche Bank forecasts $9.7b quarterly loss

The loss includes a €5.8 billion impairment of goodwill and certain intangibles tied to two divisions: corporate banking and securities, and private and business clients.

David Scheer   Deutsche Bank expects to report a net loss of €6.2 billion for the third quarter and may eliminate its dividend for the year.

IOOF slapped with class action

IOOF chief executive Chris Kelaher at a Senate hearing in July.

Adele Ferguson and Sarah Danckert   Maurice Blackburn is preparing a class action against embattled financial services firm IOOF.

IAG to forge ahead with Asian expansion

Peter Harmer (right) has been named Insurance Australia Group's new chief executive following the retirement of Mike Wilkins (left).

Ruth Liew   New CEO Peter Harmer will look to expand into China.

Peter Harmer appointed new IAG boss

Peter Harmer joined IAG in 2010 as CEO of its CGU subsidiary.

Ruth Liew   Insurance Australia Group has appointed technology boss Peter Harmer as its new chief executive to replace Mike Wilkins, who will retire from the $12 billion insurer.

Joint super accounts could save $6000 in fees

Rice Warner deputy chief executive Melissa Fuller says the numbers behind joint super accounts do stack up.

Sally Rose   A push from one of the big four banks to change the law to allow working age couples to pool their superannuation could save households about $6000 in fees and make it easier to plan for their retirement together.

Wilkins remembered as IAG's steady hand

Deutsche Bank analyst Kieren Chidgey says Mike Wilkins led IAG through a "significant period of profit expansion".

Ruth Liew   Outgoing Insurance Australia Group boss Mike Wilkins steered one of the country's biggest insurers through some of the worst natural catastrophes, as well as the global financial crisis, with a steady hand.

TPP could open foreign doors for Aussie finance workers

The TPP aims to increase financial integration across the Asia-Pacific region.

Clancy Yeates   The TPP agreement will seek to streamline regulations for financial services companies within the group of 12 Pacific Rim member countries.

Decline of cash is good news for disrupters

Use of contactless payments is fuelling strong growth in digital payments.

Clancy Yeates   Australian consumers' use of digital or non-cash payments remains among the highest in the world.

Westpac, Airbnb team up

Westpac confirmed on Tuesday that Westpac and Airbnb are teaming up in a new campaign to help Australians into home ownership.

Ruth Liew   Westpac Bank and Airbnb Australia's "bizarre" Twitter courtship will be consummated on Wednesday.

Veda backs Equifax takeover

Veda chief Nerida Caesar: if the deal goes ahead, she would get an $18.8 million pay day for her just over 6 million shares in the company.

Sally Rose and James Thomson   Veda Group has backed a sweetened takeover offer from NYSE-listed Equifax.

ANZ calls for joint super accounts

ANZ Wealth CEO Joyce Phillips says Australia needs to introduce joint superannuation accounts.

Simon Evans, Nassim Khadem   Joint superannuation accounts, similar to joint bank accounts, would help lift the retirement savings of women, says the boss of ANZ's Global Wealth business.

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Super funds push for action on climate risk

"In the coming years most companies will have to prove to investors how sustainable their exposure to climate risks are in the long term," Catholic Super chief executive Frank Pegan said.

Sally Rose   Big companies face increasing pressure from superannuation funds to provide detailed modelling of the risks to their business posed by climate change.

Winklevoss twins get nod for bitcoin exchange

Gemini is the first licensed cryptocurrency business for Tyler and Cameron Winklevoss, best known for accusing Facebook founder Mark Zuckerberg of stealing their idea.

The brothers best known for accusing Facebook founder Mark Zuckerberg of stealing their idea have received a licence to operate a bitcoin venture.

Citigroup, citing climate change, will cut financing for coal

Coal industry loses a big backer.

Alex Nussbaum   ​Citigroup Inc., the third-biggest US bank, said it will cut back on financing for coal mining projects, in the latest blow to the industry that's viewed as a key contributor to global warming.

Wall St cops a break from the Supreme Court

Securities law enforcement has seen decades of push and pull between regulators, prosecutors, courts, and people working in the trenches of finance.

Sheelah Kolhatkar   The US Supreme Court has made a handful of hedge fund traders very happy.

1700 ANZ staff breached code of conduct

ANZ has revealed about 3 per cent of its global workforce had breached its code of conduct in 2014

Sarah Danckert   ANZ has revealed more than 1718 staff members, breached the company's code of conduct in the 2014 financial year. 

BoQ facing class action

Bank of Queensland says it "will defend any proceeding that may be commenced".

Ruth Liew   Bank of Queensland is facing a class action lawsuit from customers who lost funds after it allegedly failed to prevent transactions, ordered by banned financial adviser Brad Sherwin, from taking place in their accounts.

Veda expected to get updated Equifax offer

Veda Group chief executive Nerida Caesar is mulling an updated takeover offer from Equifax.

Sally Rose   Veda Group tipped to receive enlarged takeover bid on Tuesday.

Bank risk spreads at two-year highs on China fears

Credit markets are grappling with falling commodity prices which has pushed up the spreads for Australia's big banks and miners.

Jonathan Shapiro   The debt of Australian banks has been caught up in the turbulence in credit markets as risk spreads move to their highest in two years.

$180k earners face 30pc super slug

Mercer Australia senior partner David Knox says the super system favours the wealthy.

Sally Rose   People earning $180,000 would pay 30 per cent tax on their superannuation contributions, under a plan to make the system fairer.

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Turnbull effect evaporates for investors

"Investors' outlook for Australian shares in September was the lowest we've observed since the GFC and over half of active investors are still expecting a share market crash," said Recep Peker, head of research in wealth management at Investment Trends.

Ruth Liew   Turmoil in markets such as China pushed investor sentiment last month down to its lowest levels since the global financial crisis.

St George's banking services down

St George Bank, Bank of Melbourne and BankSA have suffered an outage following scheduled maintenance.

Thousands of St George Bank customers have been unable to use banking services for 24 hours.