Clancy Yeates

Clancy Yeates

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

Regulation

What scrapping the FoFA changes means for you

Clancy Yeates If cross-bench and Opposition Senators block the Coalition's rollback of Labor's financial advice laws, as they plan to, we will revert to laws put in place by the Gillard government.

Banking

January deadline for NAB fees class action

The class action against NAB over fees has been re-opened to allow more people to join.

Clancy Yeates National Australia Bank customers have until late January to sign up to a class action over about $40 million in bank fees, which the bank is moving to settle.

Economy

Would lending restrictions cool the housing market?

The Reserve Bank and Australian Prudential Regulation Authority have not specified what macroprudential policies they may choose for Australia, but economists reckon they will probably include brakes on lending to investors.

Clancy Yeates There is a growing expectation regulators will soon introduce lending restrictions, known as "macroprudential" policies. But how much difference would this really make?

Banking

Australia-China FTA provides opportunities for Australian financial services

Financial services

James Eyers, Clancy Yeates and Ruth Liew Australian banks have the green light to expand branch networks in China, local fund managers will be able to invest on behalf of Chinese institutions, and Australian insurers will write Chinese...

FTA

Business welcomes Australia-China free trade deal

trade

Max Mason, Ruth Liew, Clancy Yeates, Stephen Cauchi, Tim Binsted The Australian business community has hailed the finalisation of a free trade agreement with China as bringing opportunities throughout the economy including financial services, agriculture and...

Former NAB chief Cameron Clyne's pay packet shrinks

Cameron Clyne also missed out on up to $19 million worth of equity used as a long-term incentive, which lapsed during the year.

Clancy Yeates Former National Australia Bank chief Cameron Clyne received a pay cut of more than $1 million in his statutory remuneration after millions in performance shares lapsed in the last financial year.

Banks

New Westpac chief Brian Hartzer under pressure to close branches

Dramatic change in branch numbers is unlikely.

Clancy Yeates Incoming Westpac chief executive Brian Hartzer faces market pressure to cut costs by closing low-returning branches, as he puts technology at the centre of the bank's growth strategy.

G20 leaders to endorse plan to make global banking giants more resilient

A visitor walks through the media centre ahead of the G20 Summit in Brisbane on November 13, 2014. Brisbane will host the G20 Leadership Summit on November 15-16. AFP PHOTO/Peter PARKS

Clancy Yeates Preventing taxpayer-funded rescues of the world's biggest banks will be one of the top priorities for global leaders meeting in Brisbane this weekend.

New Westpac boss Brian Hartzer to focus on technology, efficiency

Brian Hartzer will take the reins from Gail Kelly in 2015.

Clancy Yeates New Westpac chief executive Brian Hartzer has pledged to maintain strong shareholder returns by focusing on technology and lifting efficiency at Australia's second-largest bank.

Banks

Brian Hartzer to maintain Westpac's retail focus, analysts predict

Brian Hartzer

Clancy Yeates Third time lucky: Gail Kelly's successor has been overlooked for the top jobs at ANZ and Commonwealth Bank before rising to the helm at Westpac.

Banking

Westpac chief Gail Kelly steps down, to be replaced by Brian Hartzer

Outgoing Westpac chief Gail Kelly.

Max Mason, Clancy Yeates Westpac chief executive Gail Kelly is stepping down from the bank she has led since 2008.

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Pay

Westpac's Gail Kelly pockets $12.8m, making her Australia's highest-paid retail banker

Leading the pack: Last year's remuneration puts Gail Kelly on top of the pay ladder.

Clancy Yeates Westpac chief executive Gail Kelly's pay jumped to $12.8 million last financial year, making her the highest-paid boss of a retail bank in Australia.

Banks

Don't rush to tougher rules, CBA chief Ian Narev warns

CBA chief executive Ian Narev (left), chairman David Turner and CFO David Craig.

Clancy Yeates Australian banking regulation needs to find the right balance between growth and safety, CBA chief Ian Narev says ahead of G20.

Savers stung as banks slice term deposit interest rates

Dollar coins

Clancy Yeates Australia's big banks are quietly making significant cuts to the interest rates paid on term deposits, as lenders compete less keenly for household savings.

G20

G20 Brisbane: Leaders to consider new model for 'too big to fail' banks

ANZ chief Mike Smith says buffer levels are the most important banking item on the G20 agenda.

Clancy Yeates and James Eyers G20 leaders gathering in Brisbane this weekend will consider a plan to protect taxpayers from bailing-out failing banks by making the world's most important lenders more able to absorb losses in a...

ME Bank aims for aggressive growth

ME Bank chief executive Jamie McPhee.

Clancy Yeates Super fund-owned ME Bank is pushing ahead with an aggressive plan to more than double the value of home loans it writes, despite the rapid growth coming at a cost to returns.

Banking

CBA on track to deliver record profits

The Commonwealth Bank is heading towards a record profit.

Clancy Yeates The Commonwealth Bank is powering towards a record profit of $9.5 billion, as the resurgent mortgage market and falling bad debts drive earnings growth.

Banks

CBA first-quarter profit jumps to $2.3 billion on less bad debt

Ready for a grilling: CBA chief Ian Narev.

Clancy Yeates The Commonwealth Bank's first quarter earnings swelled by almost 10 per cent to $2.3 billion, buoyed by growing customer numbers and lower impaired loans.

Stage set for big bank showdown with Hockey

UNDER FIRE: Joe Hockey.

Clancy Yeates The stage is being set for a showdown between Joe Hockey and four of the most powerful corporations in the country.

Banks

Mortgage lenders still upbeat despite signs of softness

Interest rates

Mark Mulligan and Clancy Yeates House price growth is slowing and building approvals have slumped, but some lenders remain upbeat on investor demand for Australian property.