Perth-based P&N Bank has agreed to merge with its smaller east coast counterpart bcu, creating one of the largest customer-owned banks in Australia with $6 billion of assets.
IOOF managing director Christopher Kelaher has left the business, as the beleaguered wealth manager focuses on restoring trust amid a shareholder class action and court action by the prudential regulator.
ANZ Banking Group chief executive Shayne Elliott says structural issues and internal processes should cop the brunt of the blame for misconduct across the banking sector, and not a few people with bad intentions.
National Australia Bank has scrapped a contentious program under which people including gym instructors and hairdressers were paid commissions for loans they pitched to their customers.
Westpac is setting aside a further $260 million for customer remediation, taking its total to $659 million with fees-for-no-service refunds yet to come.
AMP has scrapped short-term cash bonuses and cut directors' fees in an effort to avoid a second shareholder strike on remuneration and possible board spill at May's annual general meeting.
The last of the 19 civil actions brought by the Australian Securities and Investments Commission on behalf of a number of investors in the Westpoint Group has been finalised.
Westpac is selling its personal financial advice business as Australia's second-biggest bank exits the scandal-hit sector, and the bank's consumer boss George Frazis is set to leave.
IOOF Holdings faces a class action over the beleaguered wealth manager's alleged failure to tell shareholders about APRA's concern over possible breaches of superannuation laws.
Commonwealth Bank of Australia is suspending the demerger of its mortgage broking and wealth management businesses to focus on customer remediation and implementing the recommendations of the royal commission.
AMP Capital has acquired a 50 per cent ownership stake in the private company that developed Optus Stadium, adding to several other infrastructure assets it has purchased in Western Australia including Kalgoorlie prison and Port Hedland airport.
Perth-based Matthew Woods will be the joint leader of KPMG's greatly expanded insolvency practice after the 'Big 4' accounting firm finalised a deal to acquire Ferrier Hodgson. The merged entity will have 27 partners nationally and be the largest practice in WA.
WA Super has confirmed a memorandum of understanding has been signed with two other superannuation funds to create an entity that would manage around $23 billion in assets for about 347,000 members.
Mortgage brokers will continue receiving trail commissions beyond 2020 under a federal coalition government, with Treasurer Josh Frydenberg revealing a plan to scrap them has been dropped.
QBE Insurance has been ordered to pay $10 million to a Perth investor who was a client of stockbroking firm Stripe Capital and former Perth broker Todd King.
The Reserve Bank has kept the official cash rate at a record low of 1.5 per cent despite noting Australian economic growth probably slowed in the second half of 2018.
A 33-year-old Perth accountant was today sentenced in the Perth District Court to four years’ jail for tax fraud, after obtaining and trying to obtain over $250,000 from his clients and the Australian Taxation Office.
Australia's number two lender, Westpac, has reported first-quarter unaudited cash earnings of $2.04 billion, with natural disaster insurance claims rising and mortgage delinquencies edging higher.
Reserve Bank of Australia board member Mark Barnaba will chair a new investment committee at not-for-profit health fund HBF, overseeing a $1.7 billion investment portfolio.
AMP's full-year profit has plummeted 97 per cent to a worse-than-expected $28 million after the beleaguered wealth manager set aside millions in customer remediation and reported weakness in its superannuation business.
Bendigo and Adelaide Bank shares have taken a dive after a 2.4 per cent dip in first-half profit, despite the lender hoping to benefit from the big four's public relations disaster at the royal commission.
The panel tasked with reviewing the Australian Prudential Regulation Authority will be led by former Australian Competition and Consumer Commission chair Graeme Samuel and includes Wesfarmers non-executive director Diane Smith-Gander.
NAB chief executive Andrew Thorburn and chairman Ken Henry are stepping down, becoming the highest-profile banking casualty of the financial services royal commission.
