Banking & Finance


CBA first-half profits to exceed $4.7b

Clancy Yeates 9:44 PM   Profit margins will be a key focus for CBA, which is predicted to deliver a first-half profit of more than $4.7 billion.

ANZ traders talked dirty with other banks

ANZ lodged its defence against a $30 million claim.

ANZ has dragged other major banks into the "toxic culture" claims made by a sacked trader giving evidence of lewd Bloomberg chats.

Blockchain and how it will change everything

ASX chief executive Elmer Funke Kupper says blockchain could change "everything".

This technology has everyone from Richard Branson to Glenn Stevens talking.

ANZ Bank raises interest rates on business loans

ANZ Bank blamed the increase in business interest rates on higher funding costs.

Clancy Yeates   ANZ Bank has followed National Australia Bank in raising interest rates for some of its business customers, also increasing rates on some lines of credit.

ANZ fingers other banks in traders scandal

The roughly 40 per cent decline in ANZ and NAB's share prices has brought valuations back to the most attractive levels ...

ANZ's defence against a $30 million claim from sacked trader Etienne Alexiou says traders from other banks were part of the allegedly 'toxic' culture.

ANZ chief woos the Melbourne IT crowd

ANZ Bank chief Shayne Elliott is looking for 'fintech' start-ups to partner with.

Sally Rose   New ANZ Bank boss Shayne Elliott is recruiting for a head of digital banking, someone who'll help the 180-year-old bank improve customer service.

Credit Suisse to cut 4000 jobs, shares fall to 25-year low

Credit Suisse chief executive Tidjane Thiam said the bank was "very confident" about reaching its target of cutting ...

Kim Hjelmgaard   Credit Suisse said it would eliminate 4000 jobs as it attempts to cut costs following a huge quarterly loss. Its shares fell to a 25-year low.

Commonwealth Bank staff implicated in alleged $76m fraud

Bill Jordanou is one of the alleged architects of the elaborate scam.

Commonwealth Bank staff were allegedly complicit in a $76 million Ponzi scheme and received secret commissions for their role in the alleged fraud, which was ignored by the bank's management for almost five years - until police were alerted.

Deloitte finds retail super funds let off the hook in 'dashboard' rules

Deloitte has backed Industry Super's finding that new product disclosure rules exempt 72 per cent of the $572 million ...

Sally Rose   Deloitte has backed a claim by the industry superannuation lobby, previously dismissed by Assistant Treasurer Kelly O'Dwyer, that new disclosure laws for choice products will exempt about 72 per cent of the retail sector.

Computershare in US loan-service buy

Computershare chief executive Stuart Irving says the deal will give a big boost to the company's share of the ...

Shaun Drummond   Computershare appears to be reviving its credentials as a serial deal-maker, with another loan-servicing business acquired in the US for $US71 million on Thursday.

Visa opens its doors to disrupters

Visa has opened up its technology platform to outside developers for the first time.

Visa says opening its technology platform to outside developers will help it win transactions by devices on the 'internet of things'.

NAB's British offshoot chalks up solid debut

NAB owned Clydesdale for almost 30 years but eventually decided to offload the mid-tier British lender after years of ...

Australian investors were expected to dump the stock. But Clydesdale and Yorkshire Bank's CEO says they are the reason for its solid London float.

ANZ class action begins final appeal in High Court

ANZ credit card customers have begun their final appeal against the bank over what they claim are punitive late fees.

Hundreds of thousands of ANZ customers have launched their final appeal against the bank over credit card late fees in the High Court.

Comments 1

Macquarie slides after guidance update

Nicholas Moore, Macquarie's chief executive, reiterated earnings guidance on Thursday.

Joyce Moullakis   Macquarie Group disappointed investors on Thursday after saying conditions in the December quarter were "satisfactory," and despite reiterating that 2016 profit would be up on last year.

Former NAB adviser cops seven-year ban

The banning of a former NAB adviser has resulted from ASIC's investigation into the big banks' wealth arms.

Clancy Yeates   ASIC says former NAB adviser profited from submitting forms with forged client signatures.

Bernie Fraser's review of super 'not independent'

Institute of Company Directors boss John Brogden has said  Bernie Fraser lacks the independence needed to review super ...

Sally Rose   The company directors' lobby has lashed an industry sponsored review of boards in the non-profit super sector, led by former Reserve Bank boss Bernie Fraser, arguing it lacks independence, transparency and proper process.

Bernie Fraser-led review of super boards slammed by directors

Former Reserve Bank governor Bernie Fraser.

Sally Rose   The company directors' lobby has lashed an industry sponsored review of boards in the non-profit super sector, led by former Reserve Bank boss Bernie Fraser.

NAB targets cashed-up owner-occupiers

NAB wants more of the mortgage market where homeowners are paying off the home in which they live.

Clancy Yeates   National Australia Bank is eyeing stronger growth among mortgage customers paying off a loan on the home they live in.

House price growth to slow sharply: NAB

The end of property's golden run? NAB is forecasting average capital city house price will edge up just 1 per cent this year.

Clancy Yeates   House prices are forecast to come to a virtual standstill in Sydney, with much softer conditions also tipped for Melbourne and most other capital cities.

Comments 29

NAB delays Clydesdale float

Investors have another day to consider Clydesdale before its London listing this week.

James Eyers   NAB is giving institutional investors 24 hours to digest the impact of a potential downgrade to one of Clydesdale's ratings.

Spotcap Australia to share in $48.5m raising

Lachlan Heussler, Spotcap Australia managing director, says he is in talks with all the major banks and expects to ...

Shaun Drummond   New small business lender Spotcap will use a €31.5 million ($48.5 million) debt and equity injection from private equity house Finstar Financial Group to expand operations in Australia, Spain and The Netherlands and into new markets.

Computershare close to winning major UK deal

Computershare CEO Stuart Irving. The company is diversifying outside share registry management into administrating loan ...

Shaun Drummond   Computershare has confirmed it is the preferred bidder to manage £30 billion of mortgages for failed lenders Northern Rock and Bradford & Bingley for the UK government.

Big four banks swept up in global sell-off

Financial stocks have been crushed during January.

Jessica Sier   The big four lenders have been collateral damage as investors around the world have rushed to dump financial stocks.

CBA missing 1 in 10 advice files


Clancy Yeates   Of more than 9000 cases registered under CBA's open advice review, 1050 had 'no advice file that is currently available for assessment'.

Big banks winning fight over owner-occupier loans

Major banks expanded their mortgage books 2 per cent in the final quarter of 2015.

Shaun Drummond   In response to an APRA clampdown on lending to landlords, banks are now fighting over the owner-occupier market. The big banks are winning so far.

Banks set to dance to own rates tune again

If banks pass on costs to customers, they risk losing them to a rival offering cheaper rates.

Clancy Yeates   Official interest rates set by the RBA are only part of the story for customers.

Comments 62

NAB lifts business lending rates

NAB is pushing ahead with plans to spin off Clydesdale Bank in an initial public offering early in February.

Narayanan Somasundaram   National Australia Bank has raised some business lending rates citing increased costs in a move that may spur competitors to follow.

JPMorgan sees M&A easing after record year

'While the torrid pace of "elephant"-sized deals may slow, these may be partly replaced by a great number of large -- ...

Manuel Baigorri   Five of the biggest 20 M&A deals in history occurred in 2015. This year promises to be more modest though cash reserves top $US6 trillion, JPMorgan Chase says.

Banks face rising costs from resources slump

Moody's expects banks' credit costs will increase "moderately" because of the commodities slump.

Clancy Yeates   The commodities slump will push up Australian banks' bad debt costs from historic lows, even though the banks' lending to the resources sector is relatively small, credit ratings agency Moody's says.

DirectMoney targets $100m a year in loans

DirectMoney executive chairman Stephen Porges (left) and CEO Peter Beaumont.

Shaun Drummond   Recently listed marketplace lender DirectMoney is targeting $100 million in loans a year as it goes after the more than $30 billion in banks' revolving credit card debt.