The role of Australian banks in mitigating the cost of living crisis
The Budget brought some relief to Australians struggling with the cost of living. The government is spending AU$7.8 billion on cost of living measures. The main aim is to reduce…
Oliver Wyman’s case for a “value-driven” approach to transformation
To keep pace with market disruption and technological change, financial sector institutions in Australia must embark on a number of transformation programs each year. To ensure success, these transformations should…
Private wealth in Australia rises to $6.1 trillion and $279,000 per Aussie
Total wealth held in Australia increased significantly over 10 years to $6.1 trillion in 2017 from $3.4 trillion in 2007. As a result, per capita wealth in Australia increased by…
Commonwealth Bank is working with McKinsey on massive layoffs
The Commonwealth Bank could reportedly cut up to 10,000 jobs and cost around $2 billion, with the bank working with McKinsey on the plan. The Commonwealth Bank of Australia (CBA),…
PwC’s Annabelle Mooney returns to the roots of investment banking
Two years after leaving investment banking for M&A consulting, Annabelle Mooney has returned to her roots. Mooney spent eight years in investment banking between 2009 and 2017 before jumping to…
Deloitte and Moelis today completed the sale of collapsed Axses
Following a voluntary administration process overseen by Deloitte and advisers from Moelis & Company, SME lender Axsesstoday has been sold without risk. The company was sold to an affiliate of…
JP Morgan steals three dealers from PwC
When Annabelle Mooney announced she was leaving PwC for investment banking giant JP Morgan in early August, her employer was understandably disappointed. After three months, Mooney stole three of her…
Australia’s four biggest banks spent $1.1 billion on the Big Four
Australia’s four biggest banks – ANZ Bank, Commonwealth Bank, NAB and Westpac – have spent over $1.1 billion in the past decade on fees to hire the services of Big…
Australia’s big banks are taking a financial hit as the market intensifies
Australia’s big banks have had a tough year compared to the banking sector as a whole, with a significant drop in cash profits and declining mortgage market share, according to…
NAB hires Bain & Company to review strategic planning
New National Australia Bank (NAB) chief executive Ross McEwan has brought in consultants from Bain & Company to help with a four-month strategic planning review as the bank’s new boss…