Articles on Westpac

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Commonwealth Bank chief Ian Narev was the first to appear before a parliamentary committee inquiring into the practices of the big four banks. Lukas Coch/AAP

Banks make millions in delaying interest rate cuts

When the cash rate increases, lending rates shoot up like rockets, but when the opposite occurs they go down like feathers.
Westpac is one of the banks where ASIC alleges traders rigged the bank bill swap rate. Mick Tsikas/AAP

Business Briefing: manipulating the BBSW

Business Briefing: the bank bill swap rate.
As more details are revealed in the bank bill swap rate rigging case we explain what the rate does, how it can be manipulated and what the government should be doing about it.
Prime Minister Malcolm Turnbull attending Westpac’s 199th birthday lunch in Sydney on Wednesday. Dean Lewins/AAP

Banks get a bollocking from Turnbull on ethics

Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
Banks must accept they can’t control the values, beliefs and behaviours of their employees. Image sourced from Shutterstock.com

‘Command and control’ banks have got ethics and culture all wrong

Banks may pay lip service to ethical cultures but often curtail the critical questioning that allows ethical issues to be surfaced in the first place.
Will home owners consider the non-bank sector as major banks increase lending rates? Reuters/David Gray

Rising mortgage rates - is it time to refinance your home loan?

Last week, Westpac hoisted its lending rate by 20 basis points in a bid to recover the costs of recent capital raisings. There is speculation other banks will follow. Australia’s non-bank lenders could…
Millions of people around the world rely on money transfer operators to send funds to their families. Gregory Wake/Flickr

Bankers are about to ensure money transfers go underground

Next week, Australian bank Westpac will become the last of the big four banks to stop serving money transfer operators, amid concerns about breaching laws on money laundering and terrorist financing. There…
Gail Kelly leaves Westpac with women holding 45% of senior leadership roles in the bank. Dean Lewins/AAP

Why Australian business needs another Gail Kelly

The announcement of Gail Kelly’s departure as Westpac chief executive is a real and symbolic loss for women, many of whom see her as a role model. Women in Australia now make up just 3% of CEO roles in…
Commonwealth Bank chief Ian Narev announces a record full-year profit of A$7.8 billion, ahead of this week’s $2.1 billion quarterly result. Paul Miller/AAP

Bank profits grow, and so does the criticism. Who’s right?

Like most companies, banks report their profits twice a year. Each time the majors report we see headlines about the size of the profits and implicit or explicit criticism of the amount – this time about…
Should the arrest of Arthur Budovsky, founder of online currency exchange Liberty Reserve concern other online models that use anonymity as part of their model?

Does anonymity mean criminality? Bitcoin feels Liberty Reserve pressure

The shutdown of online currency exchange Liberty Reserve and the arrest of its CEO and founder Arthur Budovsky may not have surprised some in the security industry. The company did not require its users…
Three of Australia’s Big Four banks have opted to offshore part of their financial operations to Asia. AAP

More offshoring of Australian jobs? Can you bank on it?

Reports of more offshoring of jobs from Australia to other countries are, seemingly, a daily occurrence. Such reports include, for example, the manufacturing of cars and their components and aspects of…

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