The growing power of the Big Four banks has been targeted by a coalition of six influential economists, who have petitioned the Prime Minister and the Treasurer to set up an inquiry into Australia’s financial system. They have suggested the Government set up a “basic bank” so Australians can deposit money with Australia Post and have it managed by the Future Fund. (Business Day)
National Australia Bank chief executive Cameron Clyne has appointed one of the members of his ”kitchen cabinet” to oversee the run-down of unwanted assets that used to sit within its recently-axed institutional banking division. Peter Thodey, who only just moved to oversee Mr Clyne’s day-to-day office operations in March, has today been given the task of managing NAB’s exit from discontinued operations within nabCapital. (Sydney Morning Herald)
Bank of Queensland managing director David Liddy has offloaded almost 45 per cent of his shares in the lender to pay off loans used to pay for the stock. (Courier Mail)
Poor health has a major impact on employment, preventing one in every two sick Australians from working, a study has revealed. (News.com.au)
Macquarie Infrastructure Group is reviewing options to enhance value amid speculation about radical changes for the toll road owner. (The Australian)
Banking executives in Britain will have their pay linked to long-term profitability under new rules designed to prevent a repeat of last year’s financial meltdown.