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Latest news: Banking

ANZ cops billion-dollar profit hit amid job cut plans

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

Massive fine for home loan compliance failures

Massive fine for home loan compliance failures

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

Australian shares retreat from highs as caution returns

Australian shares retreat from highs as caution returns

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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Bank admits 'mistake' over worker who lost job to AI

Bank admits 'mistake' over worker who lost job to AI

A woman who trained an AI chatbot that took her job has quizzed executives at Australia's biggest bank about how they will stop such a thing happening again.

Man allegedly sent $650k to sanctioned Iran banks

Man allegedly sent $650k to sanctioned Iran banks

The AFP alleges a man sent $650,000 in international money transfers to banks in Iran that were subject to the Australian government's sanctioned list.

Blow for borrowers as Reserve Bank curbs rate-cut hopes

Blow for borrowers as Reserve Bank curbs rate-cut hopes

Crucial economic data in coming weeks could determine when mortgage holders can expect more interest rate relief, the Reserve Bank board says.

ANZ cancels $800m share buyback to 'focus on basics'

ANZ cancels $800m share buyback to 'focus on basics'

ANZ will move its eight million Australian retail banking customers to ANZ Plus by late 2027, and add to its mortgage sales force in its branches.

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Winklevoss twins' crypto exchange launches in Australia

Winklevoss twins' crypto exchange launches in Australia

Winklevoss twins' crypto exchange launches in Australia

Winklevoss twins' crypto exchange launches in Australia

Crypto exchange Gemini says it views new regulations being developed by the federal government as a positive as it launches Australian services.

Services restored for thousands hit by CommBank outage

Services restored for thousands hit by CommBank outage

Services restored for thousands hit by CommBank outage

Services restored for thousands hit by CommBank outage

Australia's biggest bank has restored services after an outage that left thousands of customers unable to use online banking and some ATMs.

Big bank is cutting 200 teller, personal banking roles

Big bank is cutting 200 teller, personal banking roles

Big bank is cutting 200 teller, personal banking roles

Big bank is cutting 200 teller, personal banking roles

Westpac is cutting 200 customer-facing roles in its network but says it will try to keep as many workers as possible through retraining and redeployment.

A 'bank in crisis': ANZ cops record fine for misconduct

A 'bank in crisis': ANZ cops record fine for misconduct

A 'bank in crisis': ANZ cops record fine for misconduct

A 'bank in crisis': ANZ cops record fine for misconduct

From charging dead customers to overstating trades, a big four bank has been slugged with a record penalty for widespread misconduct.

Job cuts, work sent offshore 'a win' for bank customers

Job cuts, work sent offshore 'a win' for bank customers

Job cuts, work sent offshore 'a win' for bank customers

Job cuts, work sent offshore 'a win' for bank customers

Two of the four big banks have slashed thousands of jobs within days, with one creating roles offshore it insists will benefit customers.

'Unhinged': 4500 jobs to be slashed in bank restructure

'Unhinged': 4500 jobs to be slashed in bank restructure

'Unhinged': 4500 jobs to be slashed in bank restructure

'Unhinged': 4500 jobs to be slashed in bank restructure

A major bank's decision to cut thousands of staff has been described as "unhinged" after it recently posted a half-year cash profit of $3.6 billion.

Banks back scrapping card surcharges for consumers

Banks back scrapping card surcharges for consumers

Banks back scrapping card surcharges for consumers

Banks back scrapping card surcharges for consumers

The Australian Banking Association supports a ban on credit card surcharges for consumers but baulked at capping the fees that merchants pay card issuers.

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Bank customers more scam savvy as fraud losses fall

Australian bank customers are losing less money to scams as they gain more knowledge about grifts and banks boost defences.

AMP profit slips but adviser growth impresses investors

Wealth manager AMP has posted another fall in bottom-line net profit, but is optimistic about future growth and its new digital banking service.

Banks forced to take action on high-fee accounts

Banks must ask themselves some 'difficult questions' following a review by ASIC, which has resulted in refunds totalling millions for low-income customers.

Australia's frustration with motor insurance grows

Australia's financial product watchdog continues to grapple with a mountain of complaints, with car insurance the leading cause of consumer consternation.

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Banks told to make AI work for people, not against them

Artificial intelligence should be used to improve the lives of customers instead of just making more money out of them, the corporate regulator tells bankers.

Cafes, small businesses fear brunt of surcharge cut

The dreaded $6 line for a coffee could soon become reality for cafe owners after a proposal to scrap card surcharges could force fees to pass on to customers.

Consumer win in card surcharge cut as business bristles

Scrapping surcharges could save Australians about $1.2 billion, but small businesses think they will have to foot the bill.

Women in missing middle struggle during divorce process

Women are accepting unfair divorce settlements with few legal services targeted for those who don't qualify for legal aid but still cannot afford a lawyer.

Beyond carbon: big four banks urged to capture more gas

It is a potent greenhouse gas responsible for climate change, but a report has found Australia's major banks have yet to single out methane emissions.

Web of systems exploited for insidious financial abuse

Perpetrators are largely unchecked as they use courts, banks and Centrelink to inflict financial abuse on an intimate partner, research has found.

RAMS franchisees hit back over Westpac 'blame shifting'

Franchisees in a Westpac subsidiary accused of misconduct have challenged the findings and the bank's resulting termination of agreements.

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