Four Australian banks have gone through measures to counter recent problems with financial advice services. Australian and New Zealand Banking Group [ASX: ANZ] have taken an extra step by flagging a buyback of shares over an ongoing program. Today their shares have grown by 1.05%. Will it grow further? Find out more...
After facing fire from the royal commission, Westpac have finally seen the light at the end of the tunnel. Outperforming the other four other big banks, shares were up 1.28% at the time of writing. The large bank has managed to lift its half-year tax profit by 7%, will it grow further? Find out here...
While the other banks blame their unethical services on unprofessionalism, NAB are shifting blame towards its automated system. NAB began a new technology focused strategy nine months ago, which put simply, replaced many of its workers with computers.
Notable transactions have contributed to Macquarie Group Limited’s [ASX:MQG] share price growing by 1.15% so far today. Macquarie Group has seen some significant growth take place this month.
Do you like being ripped off? I didn’t think so. But that’s exactly what the big banks of Australia are being accused of. The banks’ reputations are in tatters, but will that be all the punishment they receive? And what will it mean for their shareholders?
There is a good chance that the long term impact of this royal commission will be a complete dismantling of bank business models. As I pointed out yesterday, banks are already starting to put their funds management businesses up for sale. Next, the rest of the wealth management arms (including the financial planning networks) will probably go too.
Banks always have and always will attract the type of individual who wants to make a lot of money from being ‘a banker’. And while there are plenty of decent ones around, the truth is there are plenty of abhorrent individuals willing to fleece other people for their own benefit. Things took a turn for the worse when the banks began to get into the wealth management game in the early 2000s.
All the banks charge Lender Mortgage Insurance when home loans with more than 80% loan-to-value ratios are taken. Let’s get this very clear. This is a very expensive premium. And you pay it to protect the bank if you can’t repay the loan. That’s right, you’re paying an insurance policy that protects THE BANK...
A huge part of NAB’s earnings heavily stand on the mortgage market, recent issues with home loans have dealt more than just a heavy blow to NAB. Large amounts of risk come from NAB shares, as of today they are trading at $28.72 a share. Their value has decreased over time.
The Commonwealth Bank has suffered unexpected outage that involved customers at cash registers around the country for over a full day. They announced a conclusion to the marathon outrage on its social networks.