The pendulum ‘swung too far left’: BlackRock’s Larry Fink
The most powerful investor on Wall Street tells The Australian that corporate culture is ‘undergoing a reset’ away from its progressive outlook. Larry Fink is moving with that environment.
Financial Services
Magellan teases higher dividends
Magellan’s shares are down 10pc as investors weigh margin compression and lower management fees, but the firm talks up its partnerships.
Why Goodman’s AI pivot has a big message for investors
The veteran property investor is replaying the strategy that turned a small commercial property trust into a $70bn industrial powerhouse.
ACCC to launch new cartel actions, warns on crypto fraud
The Australian Competition and Consumer Commission is concerned about influencers peddling get rich crypto scams in the wake of proposed deregulation of the sector by Trump.
Westpac sends jobs to Manila
Westpac is to move almost 200 jobs in SA and NSW to The Philippines, sparking condemnation from the Finance Sector Union, which claimed workers held concerns about the security of customer data.
Margin squeeze: banks hit as earnings drop
Among concerns for investors are heightened competition in mortgages and deposits crimping margins, and for NAB, the fact that arrears are still rising.
Sell or stay: Brookfield assesses potential $3bn La Trobe exit
The global investment giant is considering exiting its investment in non-bank lender La Trobe Financial, after fielding interest in the asset worth up to $3bn, sources say.
Inflation fight far from finished: Judo
Business bank Judo has warned the fight against inflation is not over, as the ASX-listed lender posted a 70 per cent profit jump to $40.9m.
Investors punish Challenger despite cost cutting
The wealth and retirement giant is targeting tens of millions of dollars in cost savings from deals with Accenture and State Street after mixed interim results.
‘It’s risk on for investors’
The financial services company says rate cuts could see investors shift asset preferences.
UGC pushed clients into First Guardian funds
Failed advice firm United Global Capital recommended clients invest in the now-suspended First Guardian funds.
‘Tidy up this mess’: Dutton demands insurers slash premiums
Doubling down in his threats to the insurance industry, the Opposition Leader called for the sector to cut premiums or face the threat of market intervention.
Bendigo smashed on margins hit
The regional lender increased deposits and home lending well above its peers over the six months to December 31, but it came at a cost.
Westpac warns of rising unemployment
One of Australia’s big four banks thinks GDP will track sideways over the coming two years, with unemployment expected to lift from its current low levels.
Debate on payment card surcharges to heat up
The polarising issue of debit and credit card surcharging will come to the fore again in coming weeks, with gouging at the payment terminal becoming more commonplace.
Big banks’ abysmal record on rate cuts in focus
The major banks are politically savvy enough to know if a rate cut is announced this week they must pass it on in full. But their track record on reductions is extremely poor.
No surrender: Wilson-Bolton war in its final stages
The long-running conflict between Geoff Wilson and Nick Bolton must be among the most expensive and consuming in Australian financial services in recent decades.
Keep up: How CEOs are navigating the Trump frenzy
Some of Donald Trump’s biggest calls are sending financial as well as strategic shockwaves through business. And they’re all unfolding in real time.
Slimmed-down AMP to accelerate growth as profits dive
Wealth manager AMP is set to focus on its banking, superannuation and platforms businesses after further consolidation.
Call to make unions stump up for industry super fund fines
Unions would be forced to pay millions of dollars for risk reserves in industry super funds under a proposed shake-up of governance standards.
Original URL: https://www.theaustralian.com.au/business/financial-services