CBA, Westpac, ANZ and NAB are in for ‘tougher times’: UBS report

CBA, Westpac, ANZ and NAB are in for ‘tougher times’: UBS report

Updated May 11, 2018 15:13:28 Photo: The big four banks have been downgraded with “sell” and “neutral” ratings by UBS. (ABC News: Giulio Saggin, file photo) “Tougher times” are ahead for Australia’s banking sector, according to UBS, with the spectre of the banking royal commission hanging over their shoulders, and …

AMP appoints former CBA boss David Murray as new chairman

AMP appoints former CBA boss David Murray as new chairman

Updated May 04, 2018 16:18:21 Photo: Mr Murray will take over from Catherine Brenner, who resigned as AMP chairman. AMP has moved quickly to try and rebuild its tattered reputation by appointing former Commonwealth Bank chief executive David Murray as its new chairman. Mr Murray replaces former chairman Catherine Brenner …

CBA forced to put aside $1 billion extra by bank regulator APRA

CBA forced to put aside $1 billion extra by bank regulator APRA

Posted May 01, 2018 08:35:26 The Australian Prudential Regulation Authority has slammed the Commonwealth Bank over events leading to allegations that it broke anti-money laundering and counter terrorism financing laws on almost 54,000 occasions. In its final report into governance, accountability and culture at the CBA, APRA said the bank’s …

Banking royal commission continues CBA grilling

Banking royal commission continues CBA grilling

Posted April 19, 2018 09:33:13 The banking royal commission continues with CBA’s Marianne Perkovic still in the stand, after she was yesterday accused of “dissembling” and failing to answer the questions put to her. Later in the day, the commission is due to hear from Westpac and ANZ. The focus …

Banking royal commission: CBA agrees it is the ‘gold medallist’ at fees for no service | Australia news

The Commonwealth Bank has admitted to being the worst financial services entity in Australia for charging customers fees for financial advice they never received. Senior executives from CBA faced the banking royal commission on Wednesday, where they were forced to explain the layers of fees CBA’s financial advice businesses charge …

Banking royal commissioner warns CBA for failing to answer questions about bogus financial advice fees

Banking royal commissioner warns CBA for failing to answer questions about bogus financial advice fees

Updated April 18, 2018 19:38:03 Video: Royal Commissioner warns CBA manager about obfuscation (ABC News) Related Story: ‘Answer what you’re asked’: Commissioner loses patience with CBA witness Related Story: Treasurer ‘deeply distressed’ by evidence to banking royal commission The head of the banking royal commission has slammed a Commonwealth Bank …

CBA the ‘gold medallists’ for fees for no service

The Commonwealth Bank would receive the gold medal for charging fees with for financial advice customers never received, the banking royal commission heard on Wednesday. The bank charged more fees for no service than any other financial services entity, counsel assisting the royal commission Mark Costello said. The CBA executive …

Banking royal commission will be uncomfortable and confronting, CBA chief warns staff

Banking royal commission will be uncomfortable and confronting, CBA chief warns staff

Updated March 19, 2018 08:15:43 Photo: The Commonwealth Bank has warned retail staff to prepare for an uncomfortable week. (ABC News: Margaret Burin) The incoming chief of the Commonwealth Bank is expecting such an uncomfortable and confronting week at the royal commission he has written an email warning 14,000 of …

CBA wasn’t honest with ASIC, while ANZ at risk of breaching responsible lending laws, royal commission hears

CBA wasn’t honest with ASIC, while ANZ at risk of breaching responsible lending laws, royal commission hears

Updated March 20, 2018 06:58:17 Video: Royal Commission in doubt ANZ upheld responsible lending laws (ABC News) The banking royal commission has kicked off its second week by interrogating executives from ANZ and Commonwealth Bank. Key points: CBA admits it under-reported to ASIC the number of people to whom it …

Banking royal commission shifts attention from misconduct to CBA stuff-up

Banking royal commission shifts attention from misconduct to CBA stuff-up

Updated March 20, 2018 14:19:03 Photo: The Commonwealth Bank is under the spotlight again in the royal commission. (ABC News: Margaret Burin) The Commonwealth Bank has assessed hundreds of thousands of customers for overdrafts with their rental expenses set at zero in a technical glitch that went undetected for more …