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Woolworths chief executive Brad Banducci has given up a potential $2.6 million bonus over the supermarket giant’s wage underpayment scandal.
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Westpac will spend another $260 million to compensate customers affected by its “errors”, taking its total remediation payments so far to $659 million.
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Commonwealth Bank’s first-half cash profit has fallen 2.1 per cent to $4.676 billion, weighed down by Australia’s slowing property markets.
Investors have given their initial verdict on the findings of the royal commission, driving the financial sector to what looks like being its best day in more than two years.
AMP has flagged a 96 per cent drop in full-year profit and a drastically smaller final dividend after confirming it will set aside another $200 million to cover the cost of customer remediation related to issues heard at the banking royal commission.
Nine Entertainment will make 144 positions redundant following its merger with Fairfax Media.
