Daily Dispatches: Westpac's back-office cuts

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Westpac has sent hundreds of employees packing this year as the group pushes ahead on the merger of back-office systems and technology platforms with its newly acquired St George subsidiary. (Herald Sun)

A secret deal between CBA and Storm Financial has been revealed as a factor behind $3bn in investor losses. The May 2007 deal was struck between Commonwealth Bank subsidiary Colonial Geared Investments and Storm founder Emmanuel Cassimatis, a federal parliamentary committee sitting in Brisbane heard yesterday. (Business Day)

A threat to the outbreak of peace in the Opes Prime debacle has been neutralised, after the full court of the Federal Court yesterday knocked back an appeal by an aggrieved creditor. (The Australian)

The Federal Government has closed a series of loopholes in its plan to force boards to put golden handshakes of more than a year's base salary to a vote of shareholders. (Sydney Morning Herald)

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