Clancy Yeates

Clancy Yeates

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

New Westpac boss Brian Hartzer to focus on technology, efficiency

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.

Banking

You'll all pay on safety net: Westpac chief

Gail Kelly, CEO Westpac

Clancy Yeates Westpac chief Gail Kelly has warned the whole economy could wear the costs of making the financial system safer by forcing Australia's big banks to hold billions of dollars more in capital.

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.

Banking

Westpac posts record $7.6b profit, up 8%

Westpac chief Gail Kelly.

Clancy Yeates Westpac's profits have jumped 8 per cent to a record $7.6 billion, as record low interest rates fuel a bounce in credit growth and declining bad debts among borrowers.

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.

National Australia Bank hungry for business

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.

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

Commonwealth Bank chief executive Ian Narev (left), chairman David Turner and chief financial officer David Craig.

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...

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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