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Banks eye $1.8trn micro-investing market

Details: The spokesman said the bank “continued to evaluate” whether robo-advice product functionality might be an appropriate add-on to CommSec trading business or Pocket app. Aleks Vickovich is the

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NAB to acquire Citi’s consumer business for $1.2b

Details: The bank will take ownership of a $12.2 billion loan book and $9 billion in deposits under the deal announced on Monday afternoon, which included a cash premium of $250 million.

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Deutsche Bank whistleblower paid record $267m for evidence

Details: Libor rigging was one of the most sweeping abuses involving Wall Street to emerge after the 2008 financial crisis. Multiple banks were accused …

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RBA’s resolve tested by unruly bond market

Details: The bond market has heaped pressure on the Reserve Bank to send a decisive signal about its pledge to maintain a 0.1 per cent cash rate until …

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Bond market calls time on fixed rate home loan party

Details: 1 day ago · The central bank also made tens of billions of dollars available to the banks in the form of a three-year loan at 0.1 per cent that could be matched to fixed rate loans.

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CBA buyback: stretched bank valuations face three fresh tests

Details: Commonwealth Bank’s announcement on Monday morning that its $6 billion share buyback – a capital return borne of chief executive Matt Comyn’s push to simplify the bank

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Fed on track to taper, inflation will come down, Powell says

Details: 2 days ago · Federal Reserve chairman Jerome Powell sounded a note of heightened concern over persistently high inflation as he made clear that the central bank will begin tapering its …

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Reserve Bank of Australia dodges $30b government top up

Details: The Reserve Bank of Australia has overhauled its capital rules to avoid an awkward request to the government for almost $30 billion to cover risks associated with its …

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Federal Reserve bans officials from buying stocks, bonds

Details: Senior Fed officials – including regional bank presidents and senior staff – will be limited to purchasing diversified investment vehicles such as mutual funds.

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Bull retreat: Where global fundies are investing

Details: In June, the Bank of America global fund manager survey showed stockpickers were all in. Cash levels were sitting at historic lows of 3.9 per cent and equity allocations were at the highest level

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Big four banks shut 350 branches during virus crisis

Details: The bank extended the arrangement by 10 years just two weeks ago. NAB likewise extended the arrangement for another decade, with the bank

› Verified 7 days ago

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RBA inaction on April 2024 bond escalates war with traders

Details: The Australian dollar powered even further against the safe-haven yen, reaching a three-year peak of ¥86.24. Open window. History shows the Reserve Bank can exercise patience.

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BoQ secures underwriting for ME Bank buy, raising at $7.35

Details: BoQ, advised by Luminis Partners’ Jamie Garis and Ron Malek, will pay $1.325 billion for the bank.It is understood the acquisition was finalised on the weekend after an auction run by Macquarie

› Verified 6 days ago

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Australian bank funding costs rick up as liquidity

Details: An increase in bank funding costs is the likely outcome of the phasing out of a Reserve Bank of Australia loan facility designed to protect depositors in case of a financial crisis, with demand

› Verified 3 days ago

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Judo Bank plots pilot fishing trip, big fortnight ahead

Details: Challenger bank Judo Bank will kick off its run at the ASX-boards with a round of “pilot fishing” slated for later this week. It is understood Judo and its brokers have booked a bunch of funds

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CBA, ANZ and Westpac banking apps down amid wider outage

Details: CBA, ANZ and Westpac banking apps down amid wider outage. Three of the big four banks’ consumer-facing smartphone apps went offline on Thursday afternoon in what appeared to be a …

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Banks grapple with the ethical use of AI

Details: The bank will benefit from her 18 years as Intel’s resident anthropologist in Silicon Valley. Comyn said the first questions Bell, an Australian National University professor, began asking when

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Bank of England joins the hawks as energy prices bite

Details: Futures markets are betting the Bank of England will lift interest rates from 0.1 per cent on November 4 to 0.25 per cent, following South Korea, Norway and …

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Westpac home loans face delays despite ‘renovations’

Details: The bank has struggled amid a 40 per cent surge in applications in the first quarter of the year, placing additional pressure on a system disrupted by the closure of an offshore processing

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RBNZ looks past lockdowns, lifts interest rates

Details: New Zealand’s central bank joined South Korea and Norway to be among the first in the world to begin lifting interest rates following a period of highly accommodative monetary policy to …

› Verified 9 days ago

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NAB, CBA face money laundering probe

Details: The Bank of South Pacific is facing sanctions for breaching PNG’s money laundering laws. As a correspondent bank, CBA and NAB provide the gateway for BSP’s clients to …

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UBS ‘will rebuild’ after Barrenjoey Bloody Monday

Details: UBS has pledged to rebuild its research and investment banking team after a ‘Bloody Monday’ raid on its top analysts and traders by local upstart Barrenjoey which is run by a …

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Who's ME Bank for

Details: ME Bank is the “magical bank”, observes The Australian Financial Review’s Chanticleer columnist, with industry super funds writing up the value of this unlisted business year in and out

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COVID vaccine Australia: CBA, Westpac, NAB, ANZ to the

Details: Commonwealth Bank and Westpac are pushing ahead with plans to vaccinate employees developed by the Australian Banking Association in conjunction …

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Investment banking: Macquarie prepares $30b war chest for

Details: The investment bank has warned investors it would reduce its dividend policy to target a payout of between 50 and 70 per cent of net profit each year.

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Victoria to share Westpac’s exclusive contract with rivals

Details: “The three-bank panel have shown their commitment to increase the employment and training opportunities for Victorian women and young people …

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Tic:toc secures $25b in home loan funding

Details: Tic:toc says its loan assessors, which oversee the process, are able to achieve 7.3 outcomes a day compared to a fully manual bank process at a bank

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COVID-19's challenge to banks and valuers

Details: Banks and valuation firms are taking steps to keep the housing market ticking over if the growing number of people staying home due to the COVID-19 …

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Australia COVID: Three out of four borrowers in trouble

Details: Mr Hand said the bank learned “some important lessons” from 2020, which included moving away from the one-size-fits-all option. The decision not …

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Why hybrids offer defensive potential but have strings

Details: Papageorgiou says a very rough rule of thumb is that bank hybrids, which dominate the Australian market, should generally trade at a margin of about 3.2 to 3.3 per cent over the bank bill rate.

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ME Bank CEO Jamie McPhee calls time

Details: ME Bank CEO Jamie McPhee calls time. ME chief executive Jamie McPhee has denied a controversy over the bank's botched withdrawal of a redraw facility …

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NAB, Perpetual urge RBA to pursue digital currency

Details: National Australia Bank and Perpetual executives say a pilot with the Reserve Bank to test the viability of a central bank-issued digital currency (CBDC) points to a future of “programmable

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What's behind the bank rally

Details: The size and speed of the bank rally has been stunning. At the end of Wednesday’s session ANZ closed up 16.2 per cent in two days, while Westpac climbed 15.6 per cent and Commonwealth Bank 9.3

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The GFC remembered: Ten years ago it was all about saving

Details: The original unlimited bank guarantee had triggered money to pour out of unprotected short-term investment vehicles such as cash management trusts and mortgage trusts, putting the …

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Tokenisation of assets is on bankers and regulators’ minds

Details: The bank said the research centre would help “develop and exploit the opportunities arising from the digitisation of assets so they can be traded and …

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Death knell of private banking in Australia

Details: Death knell of private banking in Australia. The battle with regulators, governments and prudential forces after the GFC has left private banks as Pyrrhic victors - technically winners but near

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ASX falls; RBA’s Lowe: 2023 rate hike not ‘likely’

Details: The shift to weekly $4 billion bond purchases when the bank’s second $100 billion round wraps up in September “is a marginal adjustment to the current weekly purchase rate of …

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Hurry up! Pressure on RBA over digital currencies

Details: The Bank of England, Bank of Japan, Bank of Canada, European Central Bank, Riksbank and Swiss National Bank are working together to share information as they assess creating their own digital

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AMP combines banking, wealth arms

Details: AMP combines banking, wealth arms. AMP has announced it is merging its banking and wealth management units, as the embattled company's post-Hayne transformation strategy takes shape. Alex Wade was

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Deutsche Bank sets aside €1b to exit derivatives

Details: The bank has targeted reducing assets held in the unit to €119 billion this year and €9 billion by 2022. Consultants questioned whether the bank can achieve that target while keeping within

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CBA signals $1.5b COVID-19 hit

Details: Commonwealth Bank has put aside $1.5 billion for bad debts arising from the COVID-19 outbreak and reported a 23 per cent fall in cash profit over the latest quarter, as efforts to contain the

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RBA would use bank fund in QE

Details: The Reserve Bank would create a special funding facility for commercial banks to help small business - similar to an initiative announced by the Bank of England last week - …

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Macquarie wins over brokers, accelerates mortgages

Details: The bank reported higher base and performance fees in its Macquarie Asset Management division, pushing its contribution to group profit higher. Assets under management totalled $587.5 billion on

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CBA underpays 8000 staff after HR tech system failure

Details: Commonwealth Bank has underpaid about 8000 staff after its human resources technology systems failed to accurately calculate and process entitlements, forcing the bank to repay millions of dollars

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Inside EY's security work at ANZ

Details: ANZ Bank has become one of EY's biggest cyber security clients globally, as the big four professional services firms jostle to become tech giants. The big four firms have opened up a new

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CBA takes a different road to build, not back, tech start-ups

Details: Commonwealth Bank of Australia chief executive Matt Comyn has said its new in-house start-up incubator will accelerate digital innovation at the institution by …

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NAB taps Ross McEwan for CEO

Details: Among the big hits sustained by the bank was the revelation of a fraud ring operating out its branches in Sydney, an out-of-control commission program that saw people outside the bank

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CBA looks to India after poaching ANZ's offshore boss

Details: The prospect of Commonwealth Bank shifting more back office jobs to India has increased, after the bank poached the executive who was running ANZ Bank's sizeable Bangalore operations, to be its

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