Clancy Yeates

Clancy Yeates writes on business specialising in financial services. Clancy is based in our Sydney newsroom.

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

Bank rout wipes $50 billion in 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.

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

Tensions rising over mortgage broker commissions

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.