Financial Services

Westpac has warned of a $1.22 billion hit to earnings ahead of its full-year results next week, partly due to writedowns and revaluations.

ANZ will pay a $10 million penalty for wrongly charging 69,000 customers more than $3 million in fees.

Stockbroking firm Hartleys more than tripled its profit this past financial year amid a flurry of equity raisings in the resources sector.

The total amount of funds managed by the Government Employees Superannuation Board fell by $200 million in the past financial year as a result of the COVID-19 downturn.

Westpac has agreed to pay a record $1.3 billion fine for major breaches of money laundering and terror financing laws.

Australia's second largest bank, Westpac, believes the $900 million it has set aside for an eventual settlement with financial regulator AUSTRAC over breached anti-money laundering laws is adequate.

Stockbroking firm Argonaut has announced two high-profile recruits, while Canaccord Genuity has also bolstered its Perth team. Both firms have recruited new people from Hartleys,

The company formerly known as HotCopper has reported a big increase in its investments in clients’ shares, with revaluation gains leading to a modest annual profit.

Shares in insurer QBE have fallen by more than 5 per cent after its group chief executive departed following an investigation into workplace communications.

The Agency Group Australia has increased its revenue by 48 per cent to $41.9 million and recorded strong growth, despite being impacted by the COVID-19 downturn.

As the chief investment officer at Andrew Forrest’s private company, 34-year-old John Hartman oversees a very large, extraordinarily diverse and fast-growing portfolio.

Cash Converters has posted a $10.5 million loss, while chairman Stuart Grimshaw is the latest to leave the company.

Mortgage lender Australian Finance Group has posted an underlying profit of $36.3 million for the full financial year on the back of rising residential settlements.

A local IP lawyer has revealed the new logo and branding for Bankwest ahead of the official launch of the new look, which we’re told is designed for the digital age.

A corporate governance expert says boards across Australia need change following high-profile departures at AMP over a sexual harassment complaint.

Creating flight corridors with COVID-safe countries and attracting financial services to Perth from Hong Kong are on the agenda for COVID recovery chair Nev Power.

An investment bank spots dangers and opportunities as globalisation stalls and governments emerge as the richest players in the economy.

Westpac will not pay a first-half dividend after third quarter cash earnings dropped by 22 per cent, and has been punished on the share market.

Investors believe National Australia Bank's seven per cent drop in third quarter cash profit was not as bad as feared, and have raised the bank's share price.

Commonwealth Bank of Australia boss Matt Comyn says the lender entered the coronavirus pandemic in a very strong position but has been impacted nonetheless.

Australia’s financial planning sector is grappling with major regulatory changes.

Perth-based fund managers beat the market last financial year but are divided on future investment strategies.

Perth-based NWQ Capital Management is offering local investors access to more options after partnering with US hedge fund group Titan Advisors.

Western Australia's largest non-government superannuation fund has confirmed it will merge with Sydney-based First State Super later this year.

Corporate finance group Argonaut has rejoined the funds management sector, with executive director David Franklyn saying investors need to rethink their approach to the resources sector.

QBE Insurance Group has flagged a half-year net loss after tax of $US750 million ($A1.1 billion), reflecting the impact of the COVID-19 pandemic, higher claims and a loss on its investment portfolio.

Euroz is planning to partially retain the Hartleys brand and intends to bring independent directors onto its board as part of its agreement to acquire the rival stockbroking firm.

Corporate adviser John Poynton is back looking for deals after setting up a new firm with investment banker Chris Stavrianou.

Cash Converters is claiming a solid balance sheet after it extended a $150 million securitisation facility, following a turbulent time for the payday lender.

Perth dealmakers Tim Day and Rob Hamilton are looking to support the next generation of growth businesses after merging their firms.

Former Bupa executive Justin James will lead Perth-based health insurer HIF, replacing long-serving chief executive Graeme Gibson.

Perth-based fintech startup PictureWealth has announced two major moves in its efforts to expand its market reach, raising $12 million and acquiring financial services manager Neo Financial Solutions.