Tag: bank
-
Westpac to Pay Largest Fine in Australian Corporate History
Westpac has agreed to pay AUSTRAC (the Australian Transaction Reports and Analysis Centre) $1.3 billion in fines, the largest in Australian corporate history. The penalty was incurred after AUSTRAC found that Westpac had committed more than 23 million violations against anti-money laundering and counter-terrorism laws. CEO Peter King commented in a statement that the bank…
-
Loan options diversify for small businesses
Getting a loan for a small business has been difficult in recent years since the GFC. However, the options for business loans, especially for small businesses, have diversified. With increased loan options, an awareness of strategies to use with banks, and access to investors, your chance of getting a loan to start, grow, or even…
-
NAB interest rate rise is causing outrage
The National Australia Bank (NAB) is receiving heavy criticism for its decision to raise its interest rates yesterday, just hours after the US Federal Reserve raised its interest rates. The NAB raised its residential investment home loan variable rate by 25 basis points from 5.55% to 5.8% per annum. They also raised their standard variable rate for owner-occupiers…
-
Reserve bank leaves interest rates at 1.5%
In an unprecedented move, the Reserve Bank has left interest rates at 1.5% for the seventh month in a row. This was the first meeting of 2017 and it has surprised economists that the rates have stayed the same despite concerns about the housing market and the growing economy. The bank’s governor Philip Lowe has…
-
New ‘Frugal Movement’ taking over Australia
The ‘Frugal Movement‘ is a movement that is gaining traction all around the world. It involves users being more conscious about where they’re spending their money and breaking the cycle of consumer culture. Many people who are a part of this movement save thousands each year, so it’s confusing to see why we’re all not…
-
Deutsche Bank pays $9.5 billion for contributing to GFC
Deutsche Bank this week reached a final settlement with the US Justice Department over their handling of mortgage-backed securities prior to 2008. The bank agreed to pay $9.5 billion (or US$7.2 billion) and admitted to misleading investors. Deutsche Bank admitted to misleading customers about the loans underlying the securities, including falsely claiming that loans had been…
-
Contactless cards have arrived
Contactless smartphone payment systems are here and changing the way we deal with technology. Senior Director of Product Management at Google Pali Bhat told Fairfax Media that “60 per cent of Australians already make payments with a contactless card. It’s a logical cohesion that will see wallets become a thing of the past” (SMH, 2016). Gone are the…
-
ANZ announces 200 job cuts due to economic conditions
Two hundred ANZ employees will be saying farewell to their positions at the bank due to poor economic conditions. The Australian & New Zealand Banking Group currently has 48,896 employees and over the six months up to March, have reduced its full-time work force by 1,256. The bank advised their staff of the redundancies with cuts…