Economy

ASX faces end-of-financial-year tumble as global markets slump

ASX faces end-of-financial-year tumble as global markets slump

Stand by for a rough day on the local market with the ASX poised to drop more than 1 per cent on opening, as global markets suddenly lost their appetite for risk overnight. Markets at 7:15am (AEST): ASX SPI 200 futures -1.16pc to 5,710 AUD: 76.81 US cents, 59.05 British pence, 86.15 Japanese yen, 67.12 […]

Finance meets politics: Australian banks in a bilateral sandwich

Finance meets politics: Australian banks in a bilateral sandwich

The government’s levy on Australia’s five biggest banks has passed through federal Parliament. Expected to raise $6.2 billion, it will come into effect on July 1 for ANZ, Westpac, NAB, CBA and Macquarie. But just when it seemed another battle had been fought, if perhaps not completely won, in the ongoing power struggle between banks and government, […]

Australian banks told to reform sales targets by Wells Fargo whistleblower

Australian banks risk being embroiled in misconduct such as the fake bank account scandal that hit Wells Fargo unless sales targets for frontline staff are reformed, says a whistleblower from the US bank. Kilian Colin, a former Wells Fargo banker, played a key role in exposing the scandal in which millions of fake accounts were opened by staff who […]