Yesterday
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.
This Month
Westpac’s $50,000 call centre clash lands bank in PR nightmare
The lending giant thought it had detected a scam. But a customer is adamant he was denied access to his money with no explanation. And he’s gone public.
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.
Westpac says loan fraud whistleblower got bigger bonus, not cast out
The bank’s former head of risk and treasury audit says she was victimised after raising concerns two years ago that some mortgage brokers were faking documents.
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.
Trump tanks markets | Virgin’s IPO | ANZ in the naughty corner
Also on this week’s podcast: why Australia’s second-biggest private hospital operator is in intensive care, Star on death watch; what was the big moment in the federal election.
Inside the ‘great frustrations’ between Shayne Elliott and ANZ board
The veteran banker is finishing as chief executive next month – after nearly a decade, regulatory reprimands and plenty of tension at the top.
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”.
ANZ has a trust problem – you can bank on it
Paul O’Sullivan has done what no bank chairman ever wants to do – agree to an enforceable undertaking with the regulator.
What to expect from ANZ’s new chief executive Nuno Matos
If the new ANZ boss’ execution mandate turns into executioner, investors will not mind. The first 100 days will be telling.
March
RBNZ to review capital requirements amid political pressure
The central bank will conduct an assessment of key settings and engage independent international experts after the unexpected resignation of its governor.
Election battlegrounds, budget vote buying, do we need a DOGE?
We take an early look at the issues that should shape the election; break down the federal budget; and ask why the Reject Shop got a French champagne takeover bid.
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.
ANZ backflips on culture review and agrees to release report in full
The Melbourne-based bank’s board will meet this week to consider a report into governance in its markets unit authored by consultants at Oliver Wyman.
The easy days of banks buying their own shares are numbered
The big four have bought nearly $30 billion worth of their own shares since August 2021. What happens when that buying stops?
Foreign investors banned: What else is in it for you
From a ban on foreign investors buying existing houses to pork-barrelling road projects in marginal electorates, here’s a sector breakdown of the budget.
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.