Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

ANZ's Shayne Elliott faces a different ball game to Mike Smith

Clancy Yeates Shayne Elliott's time in charge of ANZ will be more focused on squeezing returns out of the business, rather than radically reshaping or expanding it.

New ANZ chief to put focus on returns

Shayne Elliott says rising to the threat of new technology-based challengers will be a priority.

Clancy Yeates Incoming ANZ Bank chief Shayne Elliott has signalled a new phase in the bank's overseas expansion, flagging more-judicious use of capital as it faces pressure to lift returns in its Asian business.

Commonwealth Bank compensation scheme pays out to 19 financial advice customers

CBA has so far offered compensation in 8 per cent of the customer files it has assessed.

Clancy Yeates In total, 8835 CBA customers have registered for a free file review into whether they may be eligible for compensation over bad financial advice.

Bank clampdown on property investors slows loan growth

Housing investor credit growth continues to cool off.

Clancy Yeates The banks' clampdown on lending to property investors appears to be having an impact, with new figures showing growth in the value of housing investor loans slowing.

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Cyber attacks could threaten bank credit ratings: Standard & Poor's

Banks are prime targets for cyber criminals.

Clancy Yeates As finance becomes increasingly digital, analysts at Standard & Poor's have turned their attention to the global banking industry's response to cybercrime.

Mortgage

'Restricted postcodes': NAB names suburbs where credit risk getting worse

A range of Sydney suburbs are in the risky category including Glebe and Chippendale, to Campsie, Kingsgrove, Chatswood, Baulkham Hills and Cabramatta.

Clancy Yeates NAB has identified 34 Sydney postcodes where it believes there may be rising risk in the mortgage market, and it will require a deposit of at least 20 per cent.

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Light at end of the tunnel as National Australia Bank's UK saga nears terminus

Clancy Yeates.

Clancy Yeates NAB plans to spin off up to 80 per cent of its underperforming Clydesdale Bank to shareholders by the end of the year, and sell the remainder to big investors, in a sharemarket float.

CommSec back in the black with $77m profit

Clancy Yeates Higher share trading volumes helped the country's biggest online broking firm, CommSec, deliver a $77 million in profit and solid revenue growth.

Banks need to win consumer trust as digital threat looms

Digital firms eyeing a slice of the banks' profits are also competing on trust, as well as price.

Clancy Yeates Australian financial services companies are being urged to put less emphasis on trying to sell as many products as possible, and instead focus on gaining customers' trust.

ANZ predicts RBA will cut interest rates to 1.5%

'Path of least regret': RBA governor Glenn Stevens.

Clancy Yeates ANZ Bank economists expect the Reserve Bank to cut official interest rates to a new record low of 1.5 per cent next year.

Banks trim branches as digital banking takes hold

Westpac closed the most branches of the big four last year.

Clancy Yeates Banks have trimmed the number of branches in the past year, as customers embrace digital banking and lenders face pressure to cut costs.

Banks closing branches as customers go digital

Westpac, along with other major banks, is reducing its number of physical branches.

Clancy Yeates and Carolyn Cummins Banks have trimmed the number of physical branches in the past year, and further closures are expected as customers embrace digital banking and lenders try to cut costs.

Treasury finds credit card interest rates include a 'premium'

Treasury says credit card interest rates are higher because competition has not focused on rates.

Clancy Yeates A senior Treasury official argues banks are able to charge higher interest rates because competition is focused more on rewards programs or balance transfer offers.

Home loans getting cheaper as lenders wage war

The gap between what investors and owner-occupiers pay for home loans is tipped to widen.

Clancy Yeates Some lenders have slashed advertised interest rates by twice as much as the RBA in the past year, new figures show.

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ANZ, CBA, NAB, Westpac to cut dividends in 2018, Citi analysts predict

The big four banks will cut their dividends, Citi analysts predict.

Clancy Yeates The four major banks will be forced to cut dividends within three years, Citi analysts predict, citing a likely deterioration charges for bad loans.

Rise of the robots highlights grey areas in financial service advice rules

More banks and superannuation funds are tipped to use

Clancy Yeates Would you trust a computer to have your best financial interests at heart?

NAB offers 250,000 frequent flyer points to new mortgage borrowers

NAB is trying to lure owner-occupied mortgage customers with frequent flyer points.

Clancy Yeates NAB is trying to lure new mortgage customers with frequent flyer points, as banks roll out the perks for owner-occupier borrowers.

Westpac chief Brian Hartzer predicts services boom

Brian Hartzer speaks at the Trans-Tasman Business Circle lunch in Sydney on Wednesday.

Clancy Yeates Westpac chief Brian Hartzer is predicting a long-lasting "services boom" that will help make up for the resources slump.

ANZ shares wear most pain of big four

ANZ Bank shares are more than 25 per cent off their peak.

Clancy Yeates ANZ Bank has been hit hardest by the plunge in major bank share prices this year, as investors fret over its exposure to a slowing economy in China.

RBA's Guy Debelle nixes bond market calls for 'market maker of last resort'

'Volatility will be higher. In itself, this is not necessarily a bad thing. It is what it is,

Jonathan Shapiro and Clancy Yeates As the US Federal Reserve weighs raising rates this week, RBA assistant governor Guy Debelle has a message to skittish bond traders who complain their market has become a dangerous and illiquid...

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