Recently Telstra, the big four banks, and the ABC have used technology to replace workers.
Joel Carrett/AAP, Paul Miller/AAP and Dean Lewins/AAP
Management trumps technology in making companies productive, but that doesn't mean firms can be complacent when it comes to keeping up with change.
Customers will be likely to feel the effects of the huge fine.
AAP Image/Dean Lewins
The Commonwealth Bank has agreed to pay a $700 million fine over its inadvertent failure to tackle money-laundering. But the penalty is in line with punishments for far more serious violations by other banks.
The Commonwealth Bank’s chairwoman and CEO, Catherine Livingstone and Matt Comyn.
The Commonwealth Bank has been given responsibility to fix its own management mess. Regulators could have done a lot more.
There is a strong relationship between a low socioeconomic background and low financial literacy.
Financial literacy is more than numeracy, it requires a healthy scepticism of financial institutions and confidence in making financial decisions.
Bank branch employees featured in the Australian Bankers’ Association national advertising campaign.
The Australian Banking Association says 'nearly 80% of bank profits go straight back to shareholders', the majority of whom are 'everyday Australians'. Is that right?
The CBA board, headed by Catherine Livingstone, is ultimately responsible for the bank’s risk management.
CBA's risk management strategy clearly states that responsibility rests with the board of the bank for any wrongdoing.
It’s possible that CBA’s willingness to admit as much of its conduct as it has, signals the bank might resolve the class action through a settlement.
The CBA's response to AUSTRAC's claims means shareholders will be assisted in part of their class action claims, but a lot still needs to be proved.
Commonwealth Bank chair Catherine Livingstone (left) and CEO Ian Narev.
Broadening the royal commission beyond banking may dilute the focus on the banks themselves.
The banks have themselves called for an inquiry into banking and financial services.
Appearing to co-operate is the best way to try to influence the terms of an inquiry and manage the bad press.
The federal government has announced a royal commission into banks and other financial services entities.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks' behaviour itself is the real cost.
When did ASIC’s Greg Medcraft learn about the alleged money laundering at the Commonwealth Bank?
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
APRA’s independent inquiry panel member, John Laker, who is also chairman of the Banking Finance Oath initiative, will be one of the ones holding the CBA to account.
One scandal at the CBA stands out above all others, It set the scene for how the CBA board would handle future scandals, that is to obfuscate, prevaricate and litigate.
In the case of CommInsure, the treatment of the Chief Medical Officer, Benjamin Koh, seemed designed to send a message to other bank staff – keep your head down, or else!
Without clear support for whistleblowers in the terms of reference for the inquiry into CBA’s corporate governance, the conclusions will inevitably be tainted.
APRA chairman Wayne Byers.
If APRA cannot evaluate a bank’s governance, who can?
Customers don’t expect their banking documents to be found in a gutter on the other side of the country, let alone have the bank blame them.
One bank customer whose identity was stolen asks: 'Why didn't they call the fraud squad, or the police?' It's a very good question.
APRA chairman Wayne Byres says the inquiry will provide the CBA with change recommendations.
The APRA inquiry puts the regulator in the tricky position of trying to be seen to be tough on bank scandals but juggling its close relationship with the government and the CBA.
Commonwealth Bank Chairwoman Catherine Livingstone addresses the press club.
ASX rules and other legislation state that companies must disclose any information that could affect the price or value of shares.
Amid a sea of troubles – including the premature loss of their CEO and a money-laundering scandal – the CBA is facing a shareholder lawsuit.
AAP Image/Dave Hunt
A new lawsuit against the CBA puts climate change in a new legal light: a financial hazard. The case opens up fresh lines of attack on institutions that contribute to climate change.
Traders are less likely to follow policies when companies and co-workers are heavily profit-focused.
New research shows that pay incentives, culture and employee attitudes all contribute to the failure to comply with policies and regulations.
The Australian Transactions Reports and Analysis Centre (AUSTRAC) has launched civil proceedings accusing the CBA of being complicit in money laundering.
The Australian public may be vulnerable to crime and terrorism directly funded through the Australian banking system.