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Latest news: Banking

Class action over AMP's misconduct settles for $110m

Class action over AMP's misconduct settles for $110m

Financial giant AMP has agreed to pay $110 million to angry shareholders suing over misconduct revealed at the banking royal commission.

Fossil fuel finances drying up as CBA cuts support

Fossil fuel finances drying up as CBA cuts support

Fossil fuel finances drying up as CBA cuts support

Fossil fuel finances drying up as CBA cuts support

Australia's energy transition has received a significant boost after CBA, the nation's biggest lender, ruled out direct financing of oil and gas projects.

CBA posts record profit as mortgage borrowers cling on

CBA posts record profit as mortgage borrowers cling on

CBA posts record profit as mortgage borrowers cling on

CBA posts record profit as mortgage borrowers cling on

As rising interest rates boost Commonwealth Bank profits, consumers appear relatively resilient with mortgage arrears remaining low.

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Event manager jailed 8 years for $19m fraud against NAB

Event manager jailed 8 years for $19m fraud against NAB

Helen Rosamond defrauded the NAB of millions, paying kickbacks to a chief-of-staff who extended her contracts and paid her fake invoices for nearly five years.

Colonial settles super fees class action for $100m

Colonial settles super fees class action for $100m

Thousands of super fund members will be eligible for a share in a $100 million settlement, the highest by law firm Slater and Gordon in a class action.

Banks cast doubts over mandatory scam victims refunds

Banks cast doubts over mandatory scam victims refunds

Financial institutions are under pressure to do more to protect customers from scams but banks say mandatory reimbursement will have unintended consequences.

Bank boss says renters tightening their belts the most

Bank boss says renters tightening their belts the most

Households are struggling, with renters pulling back on spending more than other groups, Commonwealth Bank chief Matt Comyn says.

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Banks 'failed human rights' over Santos NT gas project

Banks 'failed human rights' over Santos NT gas project

Banks 'failed human rights' over Santos NT gas project

Banks 'failed human rights' over Santos NT gas project

Tiwi and Larrakia traditional owners say the big four banks have failed to respond to human rights complaints over a proposed gas project off the NT coast.

Union takes Commonwealth Bank to Fair Work on WFH rules

Union takes Commonwealth Bank to Fair Work on WFH rules

Union takes Commonwealth Bank to Fair Work on WFH rules

Union takes Commonwealth Bank to Fair Work on WFH rules

The Finance Sector Union is going to the Fair Work Commission over a Commonwealth Bank edict for staff to return to the office instead of working from home.

Resilient home loan borrowers surprise big bank bosses

Resilient home loan borrowers surprise big bank bosses

Resilient home loan borrowers surprise big bank bosses

Resilient home loan borrowers surprise big bank bosses

Top executives from ANZ and NAB say their customers are faring pretty well as interest rates rise and economic conditions decline.

ANZ leads big four on climate-aligned banking: report

ANZ leads big four on climate-aligned banking: report

ANZ leads big four on climate-aligned banking: report

ANZ leads big four on climate-aligned banking: report

ANZ is in front as Australia's "big four" move toward more responsible banking as part of a push for net-zero lending and investments by 2050, a report shows.

Big bank won't leave bush bare by lopping more branches

Big bank won't leave bush bare by lopping more branches

Big bank won't leave bush bare by lopping more branches

Big bank won't leave bush bare by lopping more branches

Commonwealth Bank has committed to no regional closures until 2026, but has flagged more "multi-channel" branches with reduced in-person banking hours.

Commonwealth Bank services being restored after outage

Commonwealth Bank services being restored after outage

Commonwealth Bank services being restored after outage

Commonwealth Bank services being restored after outage

Australia's biggest bank says its services are being restored after problems which caused service provision issues earlier in the day.

ANZ, Suncorp agree to major investments in Queensland

ANZ, Suncorp agree to major investments in Queensland

ANZ, Suncorp agree to major investments in Queensland

ANZ, Suncorp agree to major investments in Queensland

ANZ is promising to establish a major tech hub in Brisbane while Suncorp says it will establish a new disaster response centre at its headquarters there.

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JPMorgan reach $A430m settlement with Epstein victims

After months of embarrassing disclosures JPMorgan ignored internal warnings about their client Jeffrey Epstein, the bank settled a class action out of court.

Higher rates to create 'pockets of distress' for SMEs

Judo Bank's chief risk officer says that higher interest rates will create hardship for small and midsized businesses in the consumer discretionary space.

Banks' flaws add to next of kin stress, report shows

An independent report says banks need to do a better job handling deceased estates and better train staff to deal with grieving relatives of dead customers.

Macquarie Bank not so green with billions dipped in oil

To align investments with global climate promises, Macquarie Group will need to increase green investments and dump billions staked on new oil and gas.

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Climate change risk added to banking watchdog's beat

For the first time, Australia's prudential regulator must consider climate risks as part of its work to keep banks, insurers and superannuation funds strong.

Commonwealth Bank fined $3.5m for breaching spam laws

The communications watchdog has imposed a record fine on the Commonwealth Bank for sending out millions of marketing emails that breached spam laws.

Call for 'no deforestation' conditions on bank loans

To mark World Environment Day, Australian conservationists are calling for banks to stop funding the clearing of wildlife habitats by agriculture businesses.

Climate changing for financing fossil fuel expansion

Santos and Woodside Energy are on a shortlist of firms that may find finance for expansion more elusive as the investor climate strike extends beyond coal.

Interest rate buffer intact despite 'mortgage prison'

The banking regulator won't budge on the income buffer required for paying off a mortgage even as rising interest rates price many out of the housing market.

Santos hits back in fight over Barossa gas project

Energy company Santos has rejected criticism of its actions in relation to its Barossa gas project off the Northern Territory coast.

Clampdown on buy now, pay later following abuse claims

The federal government will regulate buy now, pay later services in a bid to protect Australians against financial abuse and hardship.

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