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Latest news: Banking

Trump names Kevin Warsh as next Federal Reserve chair

Trump names Kevin Warsh as next Federal Reserve chair

US President Donald Trump says he'll nominate former Federal Reserve governor Kevin Warsh to be the next Fed chair.

Delayed pay? You're not the only one hit by RBA glitch

Delayed pay? You're not the only one hit by RBA glitch

Delayed pay? You're not the only one hit by RBA glitch

Delayed pay? You're not the only one hit by RBA glitch

A technical issue at Australia's central bank has forced employees to wait hours for pay and created delays for those hoping to settle on properties.

CBA to repay $68m in fees to low-income customers

CBA to repay $68m in fees to low-income customers

CBA to repay $68m in fees to low-income customers

CBA to repay $68m in fees to low-income customers

Following a report by ASIC, the Commonwealth Bank says it's repaying $68 million to low-income customers who incurred unusually high banking fees.

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EU leaders agree to joint borrowing to fund Ukraine

EU leaders agree to joint borrowing to fund Ukraine

European Union leaders have agreed to provide a massive interest-free loan to Ukraine to meet its military and economic needs for the next two years.

'Unconscionable': major bank's record fine bumped up

'Unconscionable': major bank's record fine bumped up

ANZ has been fined $250 million for widespread misconduct and systemic ‍failures that impacted the federal government, taxpayers ‌and thousands of customers.

ANZ board won't follow CEO's lead and sacrifice fees

ANZ board won't follow CEO's lead and sacrifice fees

ANZ's chairman says its board has been doing its job, rejecting a suggestion from the Australian Shareholders Association that directors give back some pay.

Regional bank pinged over money laundering guardrails

Regional bank pinged over money laundering guardrails

Regulatory action is being taken against a major regional bank after it self-reported suspected money laundering in its operations.

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'Not ready': investors chop down deforestation action

'Not ready': investors chop down deforestation action

'Not ready': investors chop down deforestation action

'Not ready': investors chop down deforestation action

National Australia Bank shareholders have rejected resolutions related to deforestation, but its chairman says he has concerns about the practice.

'No value': bank defends dropped no-deforestation plan

'No value': bank defends dropped no-deforestation plan

'No value': bank defends dropped no-deforestation plan

'No value': bank defends dropped no-deforestation plan

Westpac's agricultural customers were clear. Its stand against deforestation is of no value, so the bank dropped plans for a forest protection policy.

CommBank cops record fine over data right breaches

CommBank cops record fine over data right breaches

CommBank cops record fine over data right breaches

CommBank cops record fine over data right breaches

Australia's biggest company has paid a record fine for breaches of data sharing rules, after it failed to enable sharing for certain account types.

Regional bank warns 'we are living in a time of change'

Regional bank warns 'we are living in a time of change'

Regional bank warns 'we are living in a time of change'

Regional bank warns 'we are living in a time of change'

A bank board has faced shareholder questions about its decision to bring in a technology solutions partner, amid widespread change in the finance sector.

Risky home loans capped amid 'runaway' investor growth

Risky home loans capped amid 'runaway' investor growth

Risky home loans capped amid 'runaway' investor growth

Risky home loans capped amid 'runaway' investor growth

A pick-up in riskier forms of home lending has prompted a regulator to set limits on high debt-to-income loans, but it is not expected to impact house prices.

Bendigo Bank admits poor money-laundering controls

Bendigo Bank admits poor money-laundering controls

Bendigo Bank admits poor money-laundering controls

Bendigo Bank admits poor money-laundering controls

Bendigo and Adelaide Bank's board says it is committed to fixing the inadequacies cited in a Deloitte report and is engaging with regulators.

'Sad': bank boss blasts Australia's energy transition

'Sad': bank boss blasts Australia's energy transition

'Sad': bank boss blasts Australia's energy transition

'Sad': bank boss blasts Australia's energy transition

The boss of one of Australia's biggest banks has excoriated the debate around net zero, saying power bills could be heavily reduced if renewables are harnessed.

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Big bank boss takes swipe at surcharge ban consequences

As the Reserve Bank considers a ban on credit card surcharges, the head of the nation's biggest bank has warned of "wrong assumptions" about the payments.

Big four banks slammed for profiting from fossil fuels

Australia's big four banks have made billions from investing in fossil fuel projects in the past decade, but only two have made steps to walk away.

CommBank shares drop despite $2.6b quarterly profit

Australia's biggest company has posted its financial results for the quarter, but despite improving on most metrics, it still looks too dear to most investors.

Ex-ANZ execs lose bonus millions after record fine

The former boss of ANZ and three of his executives have lost multimillion-dollar bonuses as the bank grapples with the cost of serious misconduct.

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Bank manager denied bail over $200m fraud syndicate

A senior business bank manager is behind bars accused of playing a key role in one of Australia's biggest corporate corruption cases in recent years.

Loan defaults bad for business as NAB profit takes hit

Business lending is growing for NAB but so is the level of bad debt from that customer segment, pumping the brakes on profits at the big four bank.

Banks say WFH not always possible despite ruling

After Westpac unlawfully denied a mother's request to work from home, a union wants banks to acknowledge staff rights to flexibility.

Westpac admits dropping ball on state bank customers

Overpriced mortgage products at its state-specific subsidiaries have contributed to Westpac losing market share, despite solid growth in customer deposits.

ANZ cops billion-dollar profit hit amid job cut plans

ANZ's plan to offload thousands of staff has contributed to a more than $1 billion hit to its profit, with hefty fines from the regulator also having an impact.

Massive fine for home loan compliance failures

Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.

Australian shares retreat from highs as caution returns

The ASX has sold off but finished up for the week after its record-breaking run gave way to jitters about the global backdrop.

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