Shayne Elliott is about to restructure the ANZ Bank, streamlining the workforce, and reducing dependency on mortgage brokers and branches. The Australian Financial Review reports that Elliott and ANZ chairman David Gonski have sketched out the boldest restructuring plan seen in Australian banking history. Elliott says ANZ has no choice but to start with a…
A dispute between two of the most ambitious new entrants to Australia’s $2 trillion superannuation industry is on the radar of regulators and has enthralled the fintech community. Spaceship, the Millennial-focused super product backed by Atlassian co-founder Mike Cannon-Brookes, is locked in an impasse with its back-end compliance and administration provider, Trustee Partners, which in…
Barclays has set aside an extra £700m for the payment protection insurance mis-selling scandal and revealed it has taken a loss on the sale of part of its African business. The bank reported profits for the first six months of the year of £2.3bn, up 13%, but the accounting treatment of the sale of its…
TUESDAY BancorpSouth Inc. is dissolving its bank holding company, merging its operations with its banking subsidiary, BancorpSouth Bank. BancorpSouth will remain a publicly traded company, continuing to be listed on the New York Stock Exchange under its current symbol, BXS. Most banks have bank holding companies, or BHCs, which allow them to enter into non-banking…
A second successive annual loss GUD Holdings after the sale of two businesses in the 2016-17 June year slashed $58.9 million from the companys bottom line. The Melbourne-based manufacturer of household and industrial goods reported an annual net loss of $7.3 million, compared with a loss of $43 million in the 2015-16 financial year. On…
Investment bank Lazard is having a record-breaking 2017, despite choppy waters in the mergers and acquisitions market. The firm on Tuesday announced record first-half revenues of $US1.35 billion, soaring past analyst expectations. The bulk of Lazards business comes from asset management and its M&A and advisory business, which pulled in $US585 million and $US571 million…
Experienced public relations executive Fiona McRobert is returning to Perth to lead the local office of PPR, as the one-time market leader seeks to rebuild its WA practice after a long period of downsizing. Ms McRobert will take up the role of Western Australian market lead and will return to Perth after serving in a…
OSLO, July 26 (Reuters) – Offshore drilling contractor Seadrill delayed the restructuring of its $14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy proceedings were likely. Once the world’s biggest offshore rig firm by market value, its shares have plunged 99 percent since a peak hit in September 2013. The…
Japan Display Inc’s logo is pictured at its headquarters in Tokyo Thomson Reuters (Reuters) – Liquid crystal display panels manufacturer Japan Display Inc is seeking about 100 billion yen ($893 million) from its main creditors to fund an ongoing restructuring, the Nikkei reported on Thursday. The Tokyo-based company, also known as JDI, has tapped lenders…
(Reuters) – Liquid crystal display panels manufacturer Japan Display Inc (6740.T) is seeking about 100 billion yen ($893 million) from its main creditors to fund an ongoing restructuring, the Nikkei reported on Thursday. The Tokyo-based company, also known as JDI, has tapped lenders including Mizuho Bank and Sumitomo Mitsui Banking Corp, the business daily said.…