This Month
Armaguard, banks seek independent price-setter for cash delivery
Resolving the cash transport drama is one step closer, with a callout this week for an expert to set contract prices – at a fair margin for Linfox.
Revealed: RBA’s scathing warning it has ‘lost confidence’ in ASX
In a strongly worded missive sent to the exchange’s chief executive Helen Lofthouse weeks before an outage, the central bank warned of entrenched problems.
Bank stocks still seen as a haven by investors
Bank shares are down 15pc from February peaks but have performed relatively better during the Trump tariff turmoil, as investors struggle to find alternatives.
CBA and Westpac mull removing numbers from their credit cards
Australia is expected to be the first major market to embrace numberless credit cards in the next two years, according to Mastercard.
ANZ review found staff raised concerns and middle managers failed them
Oliver Wyman’s detailed report into the cultural problems within the bank’s markets unit has singled out weak leaders who failed to supervise powerful traders.
APRA lashes ANZ’s risk culture, raises capital penalty to $1b
A separate review of the bank found “weaknesses in culture, leadership, and infrastructure could lead to material issues in the future”.
Coalition plan to lower lending standards ‘will drive up house prices’
A Peter Dutton-led government would direct the prudential regulator to lower the home loan serviceability buffer if it wins the federal election.
March
RBA, ASIC say they are ‘increasingly concerned’ about ASX
The regulators said the market operator was not complying with risk mitigation standards after an outage in December left investors unable to settle trades.
Westpac plots $3b technology overhaul to slash long-term costs
The bank’s new chief executive, Anthony Miller, outlined plans to shrink the number of systems to cut expenses described by analysts as unsustainable.
CBA steps ups competition for AI engineers by opening Seattle office
The bank is deepening connections with Amazon Web Services and Microsoft, including putting IT teams together in a new US office.
RBA tells banks national interest not profit comes first on payments system
RBA assistant governor Brad Jones accused banks of putting profit over the national interest in the roll-out of a critical system that moves $18 trillion payments.
ANZ quizzed over risks of new platform costing $1m a day
Analysts wondered how long it will take to fully migrate 6 million customers and another 1.2 million from Suncorp onto Maile Carnegie’s ANZ Plus.
Westpac targets defence lending as banks deepen national security ties
Under pressure from the Trump administration, major economies are increasing their military spending. The big lenders can see opportunity to provide financing.
Banks campaign for cash levy to avoid Armaguard ‘monopoly’
Twenty banks spending millions each year to provide cash to country towns are forming a campaign to renew focus on the need for a regional bank levy.
Inside Project Aries: Westpac’s secret plan for St George
The major lender has already shrunk the number of branches and closed a subsidiary’s private banking division. Now it’s considering the next steps.
Labor reveals its plan to regulate crypto
Crypto exchanges will have to meet the same basic governance requirements as banks under a long-delayed policy to regulate the local sector.
CBA, NAB chief executives prepare for long-term Trump disruptions
Matt Comyn and Andrew Irvine offer a view of an uncertain environment where upheaval could create big productivity gains – or cause serious harm.
APRA warns of ‘international upheaval’ in lending rules
The prudential regulator’s chairman John Lonsdale said it was unlikely that Australia would follow the US in moderating the requirement to hold capital.
NAB’s $230b business bank crown jewel faces its biggest test yet
Even on the day he was named as the bank’s chief executive, Andrew Irvine knew the barbarians were at the gate. Thirteen months later, they are over the wall.
Westpac poaches NAB’s CFO, adding another Goldman alumni to its ranks
Nathan Goonan is leaving National Australia Bank at the same time as long-time executive and the head of its business banking division, Rachel Slade.