This Month
Peter Thiel-backed Singapore venture pushes into financial advice
Syfe Group says 8 per cent of Singaporeans use its wealth management platform, and its goal is to draw similar numbers to its Selfwealth site in Australia.
From mortgages to mining copper, here’s how big companies are using AI
Flood and cyclone victims are just some of the people the country’s biggest businesses are helping with the use of artificial intelligence.
This chart shows bank rules are making the housing crisis worse
Lending by banks to property development has plunged since 2008, exacerbating pressure on housing supply. Is it time for a rethink of the banking sector’s regulatory settings?
May
‘I was very confident’: Meet Nuno Matos, ANZ’s Mr Fix It
After getting the US Justice Department off HSBC’s back, the Lisbon-born banker wants to take the smallest of Australia’s big four banks to “a different level”.
Big banks brace for a wave of executive changes, starting next week
Westpac’s board and chief executive Anthony Miller are set to decide who will lead its retail banking division, with domestic and international candidates considered.
ANZ tech boss touts AI agents to lift bankers’ productivity
ANZ is working with Salesforce to roll out AI agents that can help bankers prepare for client meetings, says the bank’s technology chief Gerard Florian
Westpac readies the axe for its biggest redundancy round in years
New chief executive Anthony Miller has set big internal cost-cutting targets, with more than 1500 jobs on the line.
Westpac has already cut jobs in these key divisions
A former Westpac staff member reveals where redundancies have already been made, while the union says it is “greatly concerned” about extra cuts.
AustralianSuper invests in Whitehaven Coal, says it is ESG consistent
The big investor says it was drawn to the miner’s shift to metallurgical coal and remains committed to net zero by 2050 after buying shares last week.
Imagine a cheaper mortgage if you went straight to the bank, not a broker
Banks pay broker 65 basis points upfront commission, which on a $1 million mortgage is $6500. What if banks cut out the broker and shared savings with the borrower?
ASIC sues Macquarie, alleges ‘complacency and hubris’
ASIC alleges Macquarie Securities engaged in misleading conduct by misreporting short selling trades. It faces a fine of up to $783 million.
CBA chief Comyn eyes bigger slice of business lending
Commonwealth Bank’s business loans jumped 9.1 per cent for the March quarter, or 1.3 times the average of the banking system.
New ANZ boss Matos is in a hurry. That’s good news for customers
Nuno Matos wants to speed up the rollout of the bank’s Plus platform, and says there will be “no shortcuts” on values and behaviour on his watch.
ANZ’s Matos era to begin with a letter from Elliott
When the bank’s new boss opens the top drawer of his desk on Monday morning, he’ll find a letter from his predecessor, before starting meetings and visits.
Shayne Elliott leaves ANZ with mixed legacy, and challenges ahead
Suncorp’s contribution supported ANZ’s cash profit of $3.56 billion in the first half, as Elliott bowed out after almost a decade at the helm.
Banking’s era of turmoil is over. What comes next should worry us all
Outgoing ANZ boss Shayne Elliott says ANZ is a safer, better bank than when he started a decade ago. But he admits safer banks are not necessarily better for the country.
NAB is Australia’s most hunted bank. It’s fighting back
Chief executive Andrew Irvine knows he’s got what everyone wants – the leading business bank in the nation. And he’s not giving up his turf without a fight.
NAB ekes out profit growth as it fends off business lending rivals
NAB, like its rivals, is facing pressure on its interest margins, but CEO Andrew Irvine still managed to beat market expectations sending the shares higher.
Westpac CEO pitches ambitious growth agenda, as half-year profit dips
Westpac’s first-half net profit of $3.3 billion and interim dividend missed expectations, as CEO Anthony Miller outlined his plans to sell more products to existing customers.
Westpac is going backwards. Bank investors should take note
Anthony Miller says the continuity the election result brings is welcome. But his first-half results show the growth challenges for the bank and its rivals.