Business
National Australia Bank says it will spend another half a billion dollars to compensate aggrieved customers, while boosting the number of staff dealing with the issue to 500 .
Business
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.
The National Australia Bank is setting aside $314 million for customer remediation programs, becoming the latest big bank to take a big profit hit due to compensation.
A refreshed banking industry code aims to stop banks charging fees to dead people and ensure they only extract fees from customers in exchange for services actually provided.
Treasurer Scott Morrison expects more executives at Commonwealth Bank of Australia will go after a “damning” report by the banking regulator.
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