Business

Westpac to offload up to $645m in BTIM shares

Westpac will see a small improvement in its capital position by selling down its stake in BTIM.

Westpac is selling its remaining stake in fund manager BT Investment Management, offloading up to $645 million worth of stock to institutional investors and signalling it intends to ultimately sell all shares it holds in the business.

Bank rout wipes $50 billion in May

Banks have led sharemarket falls, with the financial sector down 8.69 per cent since the start of May.

Some $50 billion has been wiped off the combined market value of Australia's major banks since their highs at the start of this month, as investors eye a more challenging outlook for the big four.

Tensions rising over mortgage broker commissions

There are predictions banks may cut commissions to mortgage brokers, who write more than half of all new home loans.

One of the country's biggest mortgage brokers is asking regulators to monitor any moves by banks to cut their commissions, amid speculation these payments could be chopped as banks try to offset the budget's tax hit.

Commonwealth Bank runs ad against bank levy

The banks say they will have to pass the cost of the levy on to customers or shareholders.

The Commonwealth Bank appears to be testing the waters for an advertising campaign against the federal government's proposed bank levy, by paying to spread its chief executive's criticism of the new tax on social media.

No 'gun to their heads': Fahour defends his pay

Ahmed Fahour, outgoing managing director and chief executive of Australia Post, and chairman John Stanhope before Senate ...

While his Australia Post underlings faced a grilling in Canberra by the Senate estimates committee, the departing boss, Ahmed Fahour, was fronting a far friendlier business audience in Sydney to defend his pay packet and legacy.

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