big four

ANZ chair Paul O’Sullivan has pledged to fix the system issues that led to the bank’s stretched turnarounds, as its home loan book continues to dive.

Closing branches in regional areas will have a ‘disruptive’ impact on SMEs and cause a ‘ripple effect’ on communities, the small business ombudsman has warned.

The major bank’s chief has apologised to customers, admitting far-reaching systemic issues led to each of the six matters presented in new civil lawsuits.

Nearly 10 per cent of movers relocated due to the pandemic, with a fifth of Victorians moving to avoid lockdowns, according to NAB.

APRA has revoked 86 400 Ltd’s authorised deposit-taking institution licence after the neobank handed it back.

The commission is calling for submissions on how NAB’s proposed purchase of Citi’s Australian consumer bank would impact competition.

Buy now, pay later service provider Afterpay Australia has launched a new money and lifestyle app to its 3.6 million users using Westpac’s banking-as-a-service offering.

The lender has become the latest big four bank to increase its fixed interest rates.

A new class action lawsuit against the big four bank has cried foul over interest-free credit card contracts.

The major bank has announced changes to its executive committee to accelerate transformation and development of common business services.

With its incoming new digital service expected to launch from early next year, the major bank has launched registrations for interested customers.

ASIC has commenced a civil lawsuit against ANZ, over failure to provide loan benefits promised with offset transaction accounts or its Breakfree package.

An executive has revealed the big four bank is working to deflate its broker loan assessment times, as its book has slimmed.

The major bank has appointed five senior appointments to its institutional bank as it works to “strengthen the business” and deliver greater customer support.

The prudential regulator is giving banks additional time to implement several prudential standards for market risk, in response to “industry feedback”. 

APRA has intended to change the definition of long-term interest-only home loans following industry feedback to proposed changes to its ADI capital framework.

The regulator is set to release information setting out how it would use macroprudential policy tools, after expressing concerns around the housing and lending markets.

Higher risk lending could become less profitable for the banks, with new standards to require more capital set aside for interest-only and investor loans.

Although APRA’s recent intervention is yet to have a sizeable impact, analysts believe the policy will contribute to slowing the big four banks’ home loan growth.

What do we take away from the recent RBA rate cut, where the big four banks changed tactic and only passed on half of the rate discount and shifted focus towards bank deposit rates?