Commonwealth Bank of Australia shareholders have delivered a significant protest vote against the lender's executive pay and forced it to abandon revised conditions for chief executive Ian Narev's long-term bonsues.
Perth-based Cash Converters International has agreed to refund $10.8 million to customers and pay a $1.3 million fine after enforceable undertakings were accepted by the corporate watchdog.
Commonwealth Bank of Australia shares dipped after the nation's largest lender said a lower net interest margin contributed to its flat first quarter earnings.
ANZ Banking Group's full-year cash profit dropped 18 per cent to $5.89 billion following a big hit from restructuring charges, and the bank is looking at further streamlining its business.
Macquarie Group managing director Nicholas Moore says the investment bank is on track to broadly match last year's record $2.06 billion profit despite a 2 per cent slip in half-year profit.
More than $1 billion has been wiped off AMP's market capitalisation after the wealth manager announced a $668 million impairment due to ‘constant deterioration’ in the insurance market.
The big four banks and AMP are likely to refund at least $178 million to more than 200,000 customers who did not receive financial advice for which they were charged.
Euroz has reported a bumper first-quarter profit of $9.75 million, driven by strong growth in capital raising deals and good performances by its funds management businesses.
SPECIAL REPORT: The stock market’s appetite for new listings is allowing a range of companies, from family-owned engineering firm Veem to big national player Alinta Energy, to raise capital.
Perth-based Hillcrest Litigation Services is transforming into a baby food company after signing an agreement to acquire the manufacturer of Bubs Organic products.
ANZ Banking Group has pledged to consider cutting credit card rates and stopping its millions of dollars in political donations, as its boss apologised for failing customers.
Commonwealth Bank of Australia boss Ian Narev would be the first to admit his bank could improve in some areas, but he has told a parliamentary committee the bank was doing better at listening to customers and was committed to efficient redress.
New Reserve Bank governor Philip Lowe kept a steady hand at the tiller using his first monthly board meeting to leave the cash rate at record low 1.5 per cent.
National Australia Bank has completed the sale of 80 per cent of its life insurance business to Nippon Life, and expects a loss of between $1.2 billion and $1.3 billion on the deal.
Former footballer and insurance broker Andrew Donnelly has failed to overturn freezing orders that were imposed in January in relation to the alleged misuse of $5.1 million of trust funds from his old business.
The state’s biggest health insurer, HBF, has shrugged off a challenging market to grow revenue and break the 1 million mark for membership, as it continues to push outside its Western Australian home base.
Born in Egypt and raised in Scotland, Sherif Andrawes brings a world of experience to his role as WA chair of global accounting firm BDO, as Business News discovered over lunch at Julio’s in West Perth.
New Reserve Bank of Australia governor Philip Lowe has defended the central bank's monetary policy framework, telling a parliamentary committee "we are not 'inflation nutters'".
The Commonwealth Bank of Australia has apologised to customers and paid $180,000 in fines after a programming error caused Australia's largest bank to incorrectly approve almost 11,000 overdraft applications.
Westpac has refunded $20 million to about 820,000 customers after failing to clearly disclose which credit card transactions attract foreign transaction fees.
Recently-listed technology company Peppermint Innovation will supply its remittance system to a bank based in the Philippines under a new partnership deal.
Medibank Private's annual profit has risen by 46.4 per cent to $417.6 million, but the health insurer says it needs to offer better value to customers.
QBE Insurance Group shares have dropped as much as 11.5 per cent after the insurer downgraded its full-year gross written premium guidance, citing pressure on product pricing and the value of its investments following a sharp drop in first-half profit.
