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Regulators also needed greater oversight after they were accused of working too closely with the banks. When misconduct was revealed, it either went unpunished or the consequences did not reflect the seriousness of what had been done, the inquiry found. Australia’s corporate regulator said in response to the report that it would prioritize serious matters referred to it by the Royal Commission for possible prosecutions. Ahead of the report’s release, which came after the close of market trading in Sydney, shares in the “Big Four” banks closed up about 1 percent as investors looked forward to some certainty around the new regulatory framework.
However, wealth managers, whose reputations were shredded in the inquiry, were punished with IOOF Holdings Ltd stock closing down 4.5 percent and AMP sliding to a record best man cufflinks low, The broader market closed 0.5 percent higher, “The key macro issue we have been interested in is if this was going to further reduce the banks’ willingness to lend, which would be a further headwind to the economy which is already under some pressure,” said Andrew Ticehurst, a strategist at Nomura, “At this stage, it does not appear to be the case, It would be a bit milder than expected.”..
Fallout from the Royal Commission has already prompted banks to tighten lending practices in their core mortgage businesses, contributing to some of the biggest housing price falls in a generation. The report comes ahead of an election expected in May in which falling house prices could be a hot-button issue. The government is fighting for its survival with opinion polls suggesting an election victory for the center-left Labor party. Labor says it expects to adopt all the commission’s recommendations.
While Prime Minister Scott Morrison has also said he will take up the recommendations, he has warned against overreaching and cutting off credit flows, The report from Hayne, a former High Court justice, found that the industry’s problems were exacerbated by an unwillingness to accept responsibility, “That is, there remains a reluctance in some entities to form and then to give practical effect to their understanding of what is ethical, of what is efficient, honest and fair, best man cufflinks of what is the right thing to do,” the report said..
National Australia Bank Chairman Ken Henry came in for particular criticism after appearing dismissive during his public interrogation by the commission’s barristers. “I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues,” Commissioner Hayne wrote, adding he was “not as confident as I would wish to be that the lessons of the past have been learned”. Australian Banking Association chief Anna Bligh said banks “accept full responsibility for these failings and they know that they must now change to ensure that this never happens again”.
ZURICH (Reuters) - Julius Baer plans to axe 130-140 jobs, or around 2 percent of its workforce, as part of a cost-cutting plan announced on Monday, after a tough end to 2018 caused the Swiss private bank to scale back growth targets, Switzerland’s third-largest listed lender on Monday announced a 100 million Swiss franc ($100.3 million) cost savings program after reporting a 6 billion franc decline in managed assets in 2018 and missed its profitability and cost-income targets, Adjusted half-year net profit fell 18 percent in the last six months of 2018 as tumbling stock markets made its customers more cautious, Full-year net profit rose 4 percent to 735 million Swiss francs, behind the 772 million best man cufflinks Swiss francs analysts polled by Reuters had expected..
“We will follow a clear strategy centered on smarter market coverage, holistic and personalized advice, and technology transformation, aiming above all to enhance client experience, improve efficiency and increase revenues,” said Chief Executive Bernhard Hodler in a statement. Last month, UBS, the world’s biggest wealth manager, warned of a tough start to 2019, after reporting an outflow of funds from its flagship wealth management business at the end of last year. Over the course of 2019, Julius Baer aims to reduce its headcount by a net 2 percent from 6,693 full-time staff, but added that it will continue hiring in strategic areas.
The Zurich-based bank for wealthy and affluent clients brought in 17 billion francs in net new money in 2018, a growth rate of 4.5 percent at the lower end of its 4-6 percent medium-term target range, helping to cushion the impact from negative market performance and a declining euro, which saw managed assets fall 2 percent to 382 billion francs, Shares in the bank were down 4.4 best man cufflinks percent at 37.81 francs by 0830 GMT, In November Baer had warned on its 64-68 percent cost-income target, after adverse market conditions took a larger bite out of earnings than the bank previously anticipated, On Monday the bank reported an adjusted ratio of 70.6 percent, with an increase over the target range representing reduced profitability over costs..