While tempting to conclude it will be business as usual at Commonwealth Bank following the change of CEO later this year, the selection of a comparatively inexperienced executive, in banking at least, points to an effort by the board to refresh the group’s strategy. read more
Financial institutions / Big five & fintech (1,962 items)
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The Australia Competition and Consumer Commission’s review of a proposed joint venture to establish a new credit bureau, Experian Australia Credit Services, has become a drawn-out affair, with the competition watchdog going back to the joint venture partners four times since May for more information. read more
Returns on equity from banks in the order of 20 per cent are unrealistic, Mike Hirst, the CEO of Bendigo and Adelaide Bank told a business lunch yesterday. Instead, banks should be regarded like utilities - businesses that traditionally deliver slower but stable rates of growth. read more
Only two banks and one banking association lodged submissions with the Reserve Bank of Australia over the review into surcharging on credit card payments, and they are lukewarm on the merits of any change from the status quo. read more