The Latest Breaking News on Financial Services

ASX falls, as Westpac backflips on RBA's 'Team Australia' rate cut

The local share market finishes trading with slight losses, while the Australian dollar recovers as Westpac revises its bet on when the Reserve Bank might next cut interest rates.

ABC News · Sep 28, 2020

Westpac expects monetary easing by Australia central bank in October

Westpac WBC.AX economist Bill Evans said on Wednesday he now expects Australia's central bank to cut the cash rate and the three-year bond yield target to 10 basis points at its Oct.6 board meeting.

Reuters · Sep 23, 2020

IOOF becomes Australia's top retail wealth manager with $1 billion purchase of NAB unit

Australia's IOOF Holdings Ltd IFL.AX said it will buy National Australia Bank Ltd's NAB.AX financial advisory arm for A$1.4 billion ($1.1 billion), making it the country's biggest retail wealth management firm.

Reuters · Aug 31, 2020

Australia's Macquarie follows NAB to withdraw notes offer due to volatile markets

Australia's Macquarie Bank on Friday withdrew a capital notes offer due to highly volatile market conditions in recent weeks, a day after National Australia Bank cancelled its raising.

Reuters · Mar 12, 2020

Australia's ANZ to cut jobs, union says 230 to go

Australia and New Zealand Banking Group ANZ.AX announced job cuts at its retail distribution and financial planning business on Friday, and while the bank did not specify how jobs would be cut, a union said 230 would be lost.

Reuters · Mar 6, 2020

U.S. class actions pile up against Australia's Westpac amid money-laundering scandal

Australia's No.2 lender Westpac Banking Corp WBC.AX was hit with another U.S. class-action lawsuit in less than a week on Monday, over issues with its financial crime monitoring amid a recent money laundering scandal.

Reuters · Feb 3, 2020

Australia's Westpac hires 'Mack the knife' McFarlane to chair crisis-hit bank

Australia's Westpac Banking Corp WBC.AX named a former Barclays BARC.L boss as chairman on Thursday, entrusting veteran banker John McFarlane with the task of steering it through the country's biggest money-laundering scandal.

Reuters · Jan 22, 2020

Australia's NAB faces 'fees for no service' lawsuit

SYDNEY (Reuters) - Australia's securities regulator on Tuesday filed a lawsuit against National Australia Bank Ltd NAB.AX accusing it of charging financial advice customers "fees for no service", even as a government-ordered inquiry lambasted the industry for the practice.

Reuters · Dec 17, 2019

Shareholders lash Australia's Westpac over money laundering bombshell

SYDNEY (Reuters) - Westpac Banking Corp WBC.AX on Thursday became the biggest Australian company to have shareholders vote down its executive pay for a second year, at a marathon annual meeting dominated by investor outrage over a child exploitation payments scandal.

Reuters · Dec 11, 2019

Australia's ANZ bank posts fall in H2 profit, expects recovery in mortgage demand

SYDNEY (Reuters) - Australia and New Zealand Banking Group Ltd ANZ.AX missed market expectations for second-half profit on Thursday amid record low interest rates and tough competition for home loans, but said it expected higher mortgage demand this fiscal year.

Reuters · Oct 31, 2019