There’s something about the ASIC v Macquarie war that strikes fear into the hearts of the financial services industry, while spreading a distinct feeling of schadenfreude that it couldn’t happen to a nicer bank.
The latest deal is IAG’s biggest since its $855m acquisition of Royal Automobile Club of Queensland last year.
ASIC’s latest case against Macquarie could result in the bank facing fines up to $500m. It is accused of letting millions of short trades spanning 321 listed securities go under-reported.
Commonwealth Bank’s quarterly update revealed more troubled loans and flatlining profit, despite the resilience of the Australian economy.
Career banker Melos Sulicich has seen it all: an uneven playing field, and smaller operators losing out to the majors. He also has a problem of his customers’ own making: too many deposits.
Nuno Matos toured banks branches and met key customers on his first day in charge. As for its flagship digital product ANZ Plus: ‘I would like to see it in front of every customer tomorrow.’
Nuno Matos will hit the ground running on his first day in the top job of the big four bank, with plans to boost investment in regional hubs high on his priority list.
Macquarie paid its CEO $24m in a year when it smashed market profit forecasts but says trade faces the most intense pressure in decades. Find out who got the hefty pay packets.
Geoff Wilson has won his latest court fight with Nick Bolton for control of ASX-listed fund manager Keybridge Capital.
The ASX wants new rules to incentivise business founders to list their companies in Australia, saying the current approach is driving companies to stay private or trade overseas.
Original URL: https://www.theaustralian.com.au/author/david-ross/page/4