Australia’s Scandal-Ridden CBA Overhauls Business, Eyes Sale of Insurance Arm

Article 0 Comments Commonwealth Bank of Australia said it would hive off its wealth management and mortgage broking businesses, and explore whether to divest its general insurance arm, as it narrows its focus down to traditional lending. Australia’s biggest bank also unveiled a revamped executive team, seeking to rebuild its […]

Australia Looks to Heavy Fines to Punish Financial Services Wrongdoing

Article 0 Comments Australia’s competition watchdog on Monday supported massive increases in financial penalties for companies caught doing the wrong thing, after widespread misconduct was exposed by an ongoing inquiry into the financial sector. Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims said the government was correct to propose […]