Financial Services

Bankwest has told staff it plans a major shift in strategy, with its entire business banking operation to be shifted to parent company Commonwealth Bank.

Wealth manager AMP says that it has received interest from outside suitors in its AMP Capital business, as it handed down a full-year net loss.

CBA has flagged an additional $2 billion share buyback after first-half profit jumped 26 per cent to $4.7 billion.

Australia and New Zealand Banking Group has flagged softer revenue and lower margins in the December quarter amid tough competition in the home loans market.

Westpac is seeking to cut about 20 per cent of its head office jobs as an increasingly competitive operating environment prompts the bank to bring forward cost-saving efforts.

Euroz Hartleys Group has reported a $22.9 million net profit for the six months to December 2021, below the bumper result it achieved in the previous six months.

Australia’s central bank will end its bond buying program but will have a slow approach to increasing interest rates from record low levels.

The corporate watchdog has barred Ananda Kathiravelu from providing financial services over a market manipulation scheme that almost landed him behind bars.

A Supreme Court ruling has detailed the bitter falling out between the two founders of insurance broker Reliance Group and their key backer, Jon Fogarty.

The state government’s superannuation board is outsourcing some of its services to Melbourne-based Frontier Advisors, having awarded the firm a $12.2 million contract.

Perth broking firm Euroz Hartleys Group is set to merge two of its investment companies with fellow ASX-lister and Geoff Wilson-led WAM Capital.

With multiple changes at the top of WA’s leading investor relations firms, we review their performance and strategies.

Perth-based digital bank BNK is selling its mortgage aggregator business to MA Financial Group for $151.6 million in cash, three months after starting a strategic review.

ANZ Bank has agreed to a $25 million fine for failing to give customers their entitled benefits such as rate discounts across about 580,447 accounts.

Shares in Perth-based debt recovery business Pioneer Credit received a boost on the news its customer performing arrangements had surpassed $400 million.

Two Perth business people from very different backgrounds – fast food and corporate communications – have teamed up to establish a joint family office and private equity venture.

WA mortgage broker Australian Finance Group is set to pay up to $70 million for asset finance aggregator Fintelligence, adding another 285 brokers and $1.1 billion in projected settlements to its books.

National Australia Bank has posted a nearly 80 per cent rise in full-year earnings thanks to gains in the home loans market and a steady performance at its business banking unit.

Search funds are widely used internationally, supporting young entrepreneurs to buy established businesses.

ANZ has posted a sharp lift in full-year profit despite underperformance in its home loans business, thanks to a robust lending market and reversal of some COVID-related provisions.

Colonial First State has been ordered to pay a substantial penalty by the Federal Court after misleading nearly 13,000 of its members about their superannuation.

RAC expects to start investing in other states as it looks to add more businesses to its already diverse portfolio.

The Australian Prudential Regulation Authority has told banks they need to raise the serviceability buffer when assessing new loan applications.

The three-year long shrinkage in the financial planning industry has continued, with advisers at bank-owned groups leading the fall.

RAC has reported strong growth in revenue from its insurance and resorts businesses, with the group also benefiting from large investment gains.

Superannuation provider Colonial First State has misled thousands of customers over whether they should choose a low-fee product.

Journalist Matt Mckenzie talks to Cash Converters managing director Sam Budiselik about the company's financial year results, the subprime loan market, and use of machine learning.

Australia's big four banks have been quick to jump on board an expanded federal loan scheme to help steer small businesses through the spate of coronavirus lockdowns.

Only a handful of Perth-based companies outside the resources sector have built truly national or global operations.

ASX Trade's outage in November 2020 was caused by the release of a software update which was not ready to go live, an independent review has found.

Shares in Bendigo Bank have slid nearly 10 per cent despite Australia's fifth-largest lender improving full year cash earnings.

Financial services giant AMP has posted a 28 per cent drop in first-half net profit after weaker performances at its main wealth management and AMP Capital businesses.