Now that all the major banks have reported their 2023 profits,the conventional notion that Australia’s big four lenders act as a herd is being challenged.
The mortgage war is taking a bite out of bank profits,and analysts say CBA could unleash more competition if it looks to turn around losses in market share.
The ASX limped to the finish line and Wall Street broke one of its longest winning streaks in two decades as pressure cranked higher from the bond market.
PwC announced it is cutting hundreds of staff after Westpac ended a 20-year relationship with the embattled firm that generated more than $70 million in fees over the past two years alone.
Most Australian borrowers are managing financial stress,but rather than a disaster averted it’s evidence that the sky was never falling.
Westpac’s CEO said it had been a “challenging year” for customers,but that mortgage delinquencies remain modest and that interest rates may need to rise.
Cybercriminals are coaching victims,recruiting money mules and ramping up attacks. Banks are in the business of making this an expensive exercise.
The Ampol chairman will start in Westpac’s top board position,continuing a technology transformation after the bank slimmed down under retiring chair John McFarlane.
The bank has scrapped a plan to sell its operations in Fiji and Papua New Guinea,in a move welcomed by Canberra.
As borrowers come to the end of their fixed-rate contracts,and economists call a peak in the cash rate,banks have brought fixed rates below variable rates.
Disability care worker Thevamanogari Manivel was handed an extraordinary,unearned windfall and could not resist the temptation to take it.