APRA is underscoring the war for talent in banking, with a four per cent salary bonus forthcoming for all staff.  The Fair Work Commission last week endorsed a new enterprise agreement for APRA, one with pay rises linked to the Wage Price Index for the private sector. The agreement has a three-year term.

 

HSBC has appointed Anita O’Brien head of global banking for HSBC Australia. O’Brien joined HSBC in 2018, after more than 17 years are Deutsche Bank. Her first job at HSBC was head of the financial institutions group. At Deutsche she was head of debt capital markets in Australia for 10 years.

 

Westpac continued the mortgage rate setting trend of recent months, when it cut variable rates and raised fixed rates last week. It cut 10 basis points off the Flexi First Option home loan rate, taking it to 2.09 per cent for principal and interest loans and 2.79 per cent for intertest only. It raised rates 30 bps for fixed terms from one to five years. Its Premier Advantage owner occupier P&I package rate is 2.99 per cent for one year. 3.19 per cent for two years, 3.74 per cent for three years, 3.99 per cent for four years and 4.29 per cent for five years.