United States

Paulina Duran

UPDATE 1-Australian regulator says banks used regulatory change to boost revenue

Dec 10 2018

SYDNEY, Dec 11 Australia's Big Four banks generated over A$1.1 billion ($792 million) in revenue by lifting rates on interest-only mortgages in unison in response to a regulatory change, the country's competition watchdog said on Tuesday.

AustralianSuper to cast protest vote against bank pay plans

Dec 09 2018

SYDNEY Australia's largest pension fund, AustralianSuper, said it will vote against the executive pay of three of the country's biggest banks, in a show of the investment community's souring attitude toward the sector following a year-long misconduct probe.

UPDATE 2-Australia's IOOF Holdings execs step down amid probe

Dec 09 2018

* IOOF shares down over 40 pct since Friday (Updates with share price move, background)

UPDATE 3-Australia regulator seeks to ban top IOOF execs, shares plummet

Dec 06 2018

* Move puts agreement to buy ANZ's pension business at risk (Adds risk of management overhaul comments, updates shares)

Australia's AMP seeks to clarify confusion over compensation costs as shares fall

Nov 27 2018

SYDNEY, Nov 28 Australia's AMP Ltd said on Wednesday compensation for customers who had received bad advice or been wrongly charged would total A$778 million ($562.3 million), as jitters about the size of the bill drove its shares down almost 6 percent.

Australia storms turn Sydney streets into rivers, causing commuter chaos

Nov 27 2018

SYDNEY, Nov 28 Torrential rain triggered flash flooding that turned streets into rivers in Sydney, Australia's biggest city, on Wednesday, causing major disruptions to the morning commute.

Australia's AMP to spend over $852 million in remediation, CEO tells inquiry

Nov 27 2018

SYDNEY Australia's largest-listed wealth manager, AMP Ltd , told an inquiry on Tuesday it expected to spend A$1.18 billion ($852.6 million) to compensate customers who had received bad advice or been charged for no service.

Australia's NAB chairman regrets taking 3 yrs to refund fees for no service

Nov 26 2018

SYDNEY, Nov 27 National Australia Bank Ltd's chairman said on Tuesday he regretted the board's failure to step in after the lender took three years to agree a refund for thousands of pension fund investors charged fees for advice they never received.

NAB chairman: will take decade to fix culture in Australia's financial sector

Nov 26 2018

SYDNEY The chairman of National Australia Bank Ltd said at an inquiry into sector misconduct that it would take a decade to fix the profiteering culture that has shredded the reputation of the lender and the broader financial industry.

Macquarie cruises through misconduct inquiry into Australia's financial sector

Nov 21 2018

SYDNEY, Nov 22 The CEO of Macquarie Group Ltd glided through an appearance at an inquiry into misconduct in Australia's financial sector on Thursday, as the country's largest investment bank has not been the subject of any allegations.

World News