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Showing 391 - 400 of 3558 results for westpac

Westpac profits down on AUSTRAC fine

ANNABELLE DICKSON  |  MONDAY, 2 NOV 2020
Westpac has reported a "disappointing" full year result with statutory profit down a staggering 66% as a result of the ongoing pandemic and its anti-money laundering fine. Statutory profit decreased $4.94 billion to$2.29 billion while cash earnings ...

Westpac settles two class actions

KARREN VERGARA  |  FRIDAY, 30 OCT 2020
Westpac has agreed to settle two separate class actions relating to anti-money laundering breaches and rate rigging initiated in the US for undisclosed amounts. The bank settled the action filed by Rosen Law Firm relating to its failure to monitor financial ...

Westpac extends chief executive's contract

ANNABELLE DICKSON  |  FRIDAY, 30 OCT 2020
The board of Westpac has amended chief executive Peter King's employment contract, removing the initial two-year term. King confirmed he has committed to a multi-year plan to turn the company around. His other contract terms remain unchanged. Chair ...

ING announces head of wealth, chief executive

ANNABELLE DICKSON  |  FRIDAY, 30 OCT 2020
... achieved for the retail bank and its customers," he said. Prior to joining ING, Evans spent more than 16 years with the Westpac Group across St George Bank, BT Financial Group and Westpac. Evans was head of superannuation and platforms at BT before taking ...

ANZ flags earnings hit

ANNABELLE DICKSON  |  WEDNESDAY, 28 OCT 2020
... ANZ noted a charge of $41 million for restructuring, bring the total for the year to $115 million. ANZ follows NAB and Westpac who both announced losses ahead of their full year results. Westpac flagged $1.2 billion of costs with $415 million after tax ...

Westpac hit with $1.2bn of losses

KARREN VERGARA  |  MONDAY, 26 OCT 2020
Westpac will be hit with $1.2 billion worth of losses mostly driven by its life insurance business and AUSTRAC penalties. The bank flagged the massive loss ahead of releasing its full year 2020 results on November 2. Goodwill and intangibles associated ...

Super advice firm buys robo-adviser

ANNABELLE DICKSON  |  FRIDAY, 23 OCT 2020
... financial and investment advice. SuperEd was established by former Vanguard Australia head Jeremy Duffield alongside former Westpac executive Hugh Morrow who is now SuperEd chief executive. The mission is to deliver affordable pre-retirement advice to ...

APRA, ASIC release life insurance stats

ELIZABETH MCARTHUR  |  TUESDAY, 20 OCT 2020
... Zurich were all above that average (CommInsure had the highest claims acceptance rate at 89%). Asteron, OnePath, TAL and Westpac were below the industry average. OnePath had the slowest average claim time among the insurers, with claims through a financial ...

Australian Business Growth Fund launches

ELIZABETH MCARTHUR  |  MONDAY, 19 OCT 2020
... financial institutions to provide equity funding. The major banks on board including ANZ, Commonwealth Bank, NAB, and Westpac have also each committed $100 million to the fund. The Australian Business Growth Fund will have an initial investment capacity ...

New property fund launches

ELIZABETH MCARTHUR  |  FRIDAY, 16 OCT 2020
... build on the property development experience of the Buxton family. Fowler will step into the chair position and former Westpac director and head of real estate Chris Moyle has been appointed chief investment officer. Former Westpac property valuer Rob ...