Financial Services

National wage subsidies will not be reintroduced despite millions of workers losing pay cheques as coronavirus lockdowns sweep Australia.

Commonwealth Bank of Australia chief executive Matt Comyn says his bank stands ready to assist customers with over half the population now in lockdown.

Financial services group AMP will not face criminal prosecution three years after a banking royal commission found it had charged fees to thousands of dead customers.

Small businesses and Australians with home loans who are struggling through COVID-19 lockdowns can count on their banks to help them, says the Australian Banking Association.

Bank customers are less likely to fall prey to dodgy sales tactics but the pressure must stay on to stop the sector backsliding, a review has found.

Australia Post has entered new agreements with both the Commonwealth Bank and NAB, which will offer banking services in post offices for the next decade.

Investment flows from Perth to fund international projects and companies.

The Commonwealth Bank is offloading its general insurance business to the Hollard Group, which will then sell home and vehicle insurance to CBA customers.

Contentious superannuation laws which the government says will boost savings and cut fees have cleared parliament.

Stockbroking firms Canaccord Genuity and Euroz Hartleys have announced a raft of executive changes, including Chris Webster switching firms and Michael Manford taking a new role.

Australia's banking watchdog has written to the nation's banks, warning there are signs of some increased risk-taking as homebuyers rush to secure loans in a heated housing market.

Perth-based financial services group Sentry has merged with ASX-listed WT Financial Group.

ASIC has permanently banned Kim Hanson over the alleged misuse of $3 million of trust funds and confirmed it is continuing to investigate Australian Reliance Group.

The Commonwealth Bank has bought stakes in an online shopping group and power retailer as it tries to keep pace with innovative online rivals.

HBF's membership is set to exceed 1 million with the acquisition of CUA Health later this year.

Commonwealth Bank shares have traded for $100 for the first time since the bank joined the market in 1991.

Australia's biggest bank is continuing to ride the nation's post-recession economic recovery after posting another jump in earnings.

Investment group Macquarie has reported a 10 per cent rise in full-year profit, helped by its markets trading.

NAB has recorded a 94 per cent jump in first-half cash earnings to $3.3 billion, becoming the latest of the major banks to post a rebound in fortunes amid improving economic conditions.

ANZ has posted a sharp rebound in first-half profit and boosted its dividend, helped by a recovery among business customers and robust activity in the housing market.

Westpac is being sued for alleged insider trading, amid claims the bank unfairly profited from a $12 billion interest rate swap deal.

Westpac has posted a rebound in half-year earnings as an improving economy helped it dodge potential pitfalls and boosted activity in the key home loans market.

AMP chair Debra Hazelton has urged shareholders to be patient amid the transformation strategy that she expects will deliver long-term value.

Wealth manager AMP will spin-off and list one of its key business units after a potential sale fell through.

Afterpay has confirmed it is closer to listing on a US stock market after North America overtook Australia and New Zealand as the biggest region for sales.

The corporate watchdog says its investigations following the banking royal commission have so far resulted in $77.65 million in penalties.

The heads of Australia's two largest banks are more than happy to talk about how they are assisting customers who may still be suffering hardship after last year's recession.

The fate of AMP CEO Francesco De Ferrari has finally been revealed, a week after the wealth manager tried to hose down reports he was leaving.

AMP denies media reports that chief executive Francesco De Ferrari has resigned, but says he and the board are discussing the wealth manager's future leadership.

Treasurer Josh Frydenberg will make changes to the JobMaker hiring credit scheme after corporate leaders shunned the $4 billion program.

The nation's biggest bank, Commonwealth, will offer its own buy now, pay later service to customers from mid-year in a move to challenge Afterpay.

Financial regulator APRA has closed its investigation into Westpac's breaches of anti-money laundering and terror financing laws, but says it will make sure the bank improves its operations.