The Commonwealth Bank of Australia has apologised to customers and paid $180,000 in fines after a programming error caused Australia's largest bank to incorrectly approve almost 11,000 overdraft applications.
Westpac has refunded $20 million to about 820,000 customers after failing to clearly disclose which credit card transactions attract foreign transaction fees.
Recently-listed technology company Peppermint Innovation will supply its remittance system to a bank based in the Philippines under a new partnership deal.
Medibank Private's annual profit has risen by 46.4 per cent to $417.6 million, but the health insurer says it needs to offer better value to customers.
QBE Insurance Group shares have dropped as much as 11.5 per cent after the insurer downgraded its full-year gross written premium guidance, citing pressure on product pricing and the value of its investments following a sharp drop in first-half profit.
West Perth-based advisory firm Otsana Capital has established an office in Israel to work closer with startups in the region seeking a presence on the ASX.
Commonwealth Bank of Australia chief executive Ian Narev took home $12.3 million in total pay in the last financial year, up more than 50 per cent due to performance-related share bonuses.
Westpac shares have dropped almost three per cent after the bank followed its rivals in reporting an increase in doubtful debts over the third quarter.
Commonwealth Bank of Australia chief executive Ian Narev has cited weak wages growth and political uncertainty as threats to Australia's economy, even as the country's biggest bank unveiled a seventh straight record profit of $9.45 billion.
ANZ Banking Group's cash profit has slipped 3 per cent in the first nine months of its financial year, weighed down by restructuring charges and bad debts.
National Australia Bank chief executive Andrew Thorburn will tell a parliamentary committee that his bank had to balance the needs of borrowers, savers, investors and shareholders when it decided not to pass on in full the Reserve Bank's latest rate cut.
Mortgage broking pioneer Greg Pennells has launched a new venture that will partner with Choice Aggregation Services, a company he sold for $163 million in 2007.
Point-of-sale financing group ThinkSmart has announced plans to undertake an $8.8 million capital raising, delist from the ASX and jump over to London’s AIM.
National Australia Bank is overhauling its business structure, folding parts of its wealth management unit into personal banking and separating its business banking into two units, with former Perth executive Cathryn Carver one of the winners.
An investment group led by Sydney-based Duncan Saville is set to gain control of Homeloans, after the Perth-founded mortgage lender struck a takeover deal with competitor RESIMAC.
Strong gains across the Australian stock market, led by energy, financial and retail companies, helped push the market higher for an eighth consecutive trading day to an 11-month high.
SPECIAL REPORT: The dramatic rise and fall of iron ore producers and the recent surge in gold and lithium stocks have been highlighted by a historic review of WA’s major listed companies.
Alan Bishop has spent 40 years building insurance broker EBM into a national player and worked through many business cycles over that time, but arguably none as tough as the current conditions in Western Australia.
SPECIAL REPORT: WA’s economic slowdown hasn’t led to the dramatic rise in insolvencies many had expected, according to leading industry representatives.
Local entrepreneur Graeme Speak’s cyber security startup business has been named the fintech category winner at the Silicon Valley Forum’s World Cup Tech Challenge.
The corporate watchdog has permanently banned former Perth-based financial planner Simson Kwok from the industry for intentionally mishandling more than $4 million of clients’ funds while working for HSBC.
Australia's major banks face soft profit growth amid growing macroeconomic risks linked to low interest rates and government tax policy, according to Fitch.
Shoppers will no longer be slugged with excessive surcharges on credit card payments under new rules, but could face other fees as banks look to make up for lost revenue.
