Misclassified investors are set to pay more as Australia’s second largest bank begins reviewing its enormous loan book.
Westpac Banking Corporation
ASX:WBC
Less than eight years after the royal commission, banks are eyeing a return to financial advice as regulators signal they may be ready to move on.
After a scathing royal commission pushed banks to offload their wealth and advice businesses almost a decade ago, there is growing talk of a comeback.
Head of retail banking Carolyn McCann has conceded the division’s cost base is too high relative to its peers, as she unveiled her new strategy.
The chief executive of ANZ says, whatever its merits, the government’s tax plan is having the desired effect on property investment.
The major lenders have now all called time on negative gearing.
It echoes similar moves by Westpac and Macquarie, with CBA and ANZ still reviewing their policies in the wake of the government’s negative gearing ban.
Small rivals fear they will be squeezed out of regional markets by the same big institutions which have abandoned them.
Negative gearing changes are set to take the wind out of lending momentum at Australia’s biggest banks as investors get cold feet.
Westpac, Macquarie stop factoring negative gearing into investor loans.
The federal budget has thrown Australia’s biggest banks into a frenzy as they begin restricting property investors.
Negative gearing changes are set to test the big banks, with analysts warning mortgage growth and margins could come under pressure.
As the majors taper their risk appetite, Shemara Wikramanayake says Macquarie is ready to press its advantage in retail banking.
The iPhone maker has taken the gloves off in a major escalation of its long running feud with Australia’s largest bank and most valuable company.
Despite rising loss rates, higher interest rates and potential tax changes, the nation’s second biggest bank is sticking to its strategy of winning the investor segment.
Two of Australia’s largest banks have declined to participate in an industry trial as the sector divides under government pressure.
Anthony Miller will have one fewer direct report after he called time on the bank’s standalone operational division.
More than a year after Capital Brief reported the plan, Westpac has begun moving 75,000 business customers from its sub-brands to the main bank.
After a bumper run, bank valuations look stretched as analysts warn earnings, margins and bad debts may leave little room for further gains.
What first looked like a Commonwealth Bank problem is shaping up as a broader fraud risk tied to broker and referrer channels across the majors.
Australia’s biggest banks have quietly been restricting access to referrer programs and investing in fraud detection as risks rise.
The financial crimes regulator has issued a fresh warning to banks, as loan referral programs face fresh scrutiny in the wake of an apparent outbreak in fraud.
Police are working with CBA this week as AUSTRAC examines suspected loan fraud and laundering, in a warning shot for bank controls across the sector.
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