Work & career (69 items)

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Banks get three years to reset sales incentives

Australia's banking sector needs "a sharp break with the past", wrote Stephen Sedgwick in his review of the industry's pay practices. But sharp does not mean short, with Sedgwick suggesting a three-year time frame for reform and a follow-up review in 2020. read more

Foreign hires mostly safe in finance

HR managers at banks won't be too fussed - though their employers' credit analysts may well be – with the purged list of "eligible skilled occupations" that can be covered by a "temporary skill shortage" visa, as announced yesterday by the Australian government as it scrapped the current 457 visa scheme.Investment bankers, investment managers and investment advisers are safe, still, to hire from abroad. Bank branch managers, on the other hand, are another matter; with no more foreign imports welcome. read more

Sedgwick red lights broker commissions

A ban on accelerator reward payments and a shift to a fee-for-service payment model, funded by the banks, are highlights of Stephen Sedgwick's year-long review of retail banking remuneration. A long preview today in the AFR's Chanticleer column has Sedgwick's final recommendations. read more

Misconduct common among NAB staff

More than three per cent of NAB's staff were sanctioned for misconduct last year, CEO Andrew Thorburn told a parliamentary hearing on Friday.In all, the bank found 1138 staff breached the company's own code, five of them senior managers. This is 3.3 per cent of the bank's full time equivalent staff.The MP's quarterly probe of sector CEOs looks like being anything like revealing, newspaper archives comprising their principal research materials. read more

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