Clancy Yeates

Clancy Yeates

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

Commonwealth Bank CEO Ian Narev offers to appear before Senate hearing into advice scandal

Clancy Yeates Commonwealth Bank chief executive Ian Narev has offered to step in and testify at a Senate inquiry into the bank's financial advice scandal, as the lender prepares to write to 300,000 customers...

National Australia Bank hungry for business

NAB logo

Clancy Yeates National Australia Bank is pushing ahead with its vow to defend its turf as the country's biggest business bank, unveiling a new campaign to lend $1 billion a month to business customers.

Negative gearing blamed for irrational property obsession: ANZ boss Phil Chronican

Phil Chronican, chief executive of ANZ Bank's Australian arm.

Clancy Yeates One of the country's most senior bankers has raised concerns about an "irrational obsession" with property investment.

Finance

Commonwealth Bank writes to financial planner victims

Commonwealth Bank of Australia chairman David Turner (centre) and chief executive Ian Narev

Clancy Yeates The Commonwealth Bank will write to 300,000 customers of its Commonwealth Financial Planning business informing them of a compensation scheme for victims of dud advice.

Borrowers would pay price of higher capital buffer, ANZ boss warns

ANZ chief Mike Smith reported a record profit, driven by gains in the home loans market.

Clancy Yeates ANZ chief executive Mike Smith has warned that customers could face higher interest rates if banks are forced to hold larger capital buffers, an option being considered by the government’s...

Property

Fears stretched investors may destabilise housing market

Money

Clancy Yeates and Toby Johnstone Bank bosses have played down property sector concerns.

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Banking

Customers will suffer if banks forced to hold more cash, warns ANZ chief Mike Smith

Housing

Clancy Yeates ANZ Bank chief executive Mike Smith has warned that home loan customers would be forced to pay more for credit if banks were forced to hold larger capital buffers, one option being considered by the...

Banking

ANZ posts record $7.1b profit

Chief executive Mike Smith said he expected similar conditions in 2015, but highlighted the risks from the government's financial system inquiry.

Clancy Yeates ANZ Bank has delivered a 10 per cent jump in profits and higher dividends, helped by a strong performance in its Australian and international divisions and its wealth business.

NAB looks at float of poorly performing UK assets after profit slumps 9.8%

Focusing on home: National Australia Bank chief executive Andrew Thorburn speaks at the bank's full-year results media conference.

Clancy Yeates and Joyce Moullakis National Australia Bank chief executive Andrew Thorburn is ramping up a campaign to rid the bank of poorly performing assets, declaring that selling its British business is a top priority as he looks...

Banks

NAB looks at float of UK business after profit slump

Making moves: NAB's new chief Andrew Thorburn.

Clancy Yeates National Australia Bank is examining a float of its United Kingdom business, after a fall of nearly 10 per cent in full-year profits due to hefty write-downs in the UK.

NAB to reveal sales plan for Yorkshire and Clydesdale banks in UK

NAB aims to sell Clydesdale Bank in the UK.

Clancy Yeates National Australia Bank chief executive Andrew Thorburn is expected to set out plans for selling the bank's UK businesses on Thursday, as he seeks to close a troubled chapter in the lender's history.

Suncorp boss Patrick Snowball's concerns at financial system inquiry

Wanting to compete: Suncorp chief executive Patrick Snowball.

Clancy Yeates and Ruth Liew Suncorp chief executive Patrick Snowball has raised concerns the financial system inquiry may place too little focus on lifting competition in banking, as debates about stability dominate the public...

Banking

ANZ joins list of top corporate disclosure blunders

ANZ has joined a red-faced list of corporate disclosure blunders.

Clancy Yeates As ANZ shares resume trading after Monday's gaffe, here are some stand-out corporate disclosure errors.

Finance

Banks tipped to use asset sales and share raisings to lift capital

The big banks may sell assets or issue shares to raise capital.

Clancy Yeates Australia's big banks are likely to sell assets and issue new shares through their dividend reinvestment plans in order to satisfy a predicted toughening in capital rules, fund managers and analysts...

Banking

ANZ calls trading halt after profit results gaffe

ANZ has inadvertently released information to shareholders ahead of its official results.

Clancy Yeates ANZ Bank has accidentally released detailed information to investors ahead of its full year profit results, in an embarrassing gaffe that forced the lender to halt trading in its shares.

FOFA battle on adviser laws heats up

Illustration: Michael Mucci.

Clancy Yeates After the scandals at the Commonwealth Bank and Macquarie Private Wealth, there is clearly a need to lift consumer trust.

Banks

Scottish independence rejection a boost for NAB

NAB's new chief Andrew Thorburn.

Clancy Yeates National Australia Bank's chances of selling its British assets have been bolstered by Scotland's decision to reject independence in this week's historic referendum.

Ex-Goldman banker floats big four break-up

<i>Illustration: Chris Pearce</i>

Clancy Yeates Former Goldman Sachs co-chairman Alastair Walton says policy-makers should consider breaking up the big four banks, as part of a radical overhaul aimed at boosting competition and improving stability.

ACCC

ASIC pings NAB and Westpac over misleading customers

NAB and Westpac are the first of the big four banks to be caught in the corporate regulator's crackdown on company ads and promotions.

Clancy Yeates National Australia Bank and Westpac have been fined for making misleading statements to customers, becoming the first big banks to be caught in the corporate watchdog's campaign on corporate...

Banking

Too big to fail proving tough to tackle as banks fight 'bail-in' bonds

Financial system inquiry chair David Murray.

Clancy Yeates The government would still be likely to provide support if a local bank were distressed, despite the public debate about a "bail-in" regime for creditors.