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In the past year, about 10 senior ANZ executives had been dismissed for issues related to misconduct, Elliott said. The comments reflect the pressure Australia’s highly profitable major banks are under to improve governance since the quasi-judicial inquiry, or Royal Commission, exposed widespread misconduct across the financial sector. In almost 60 public hearings, the inquiry has revealed systemic problems in incentive arrangements used to reward staff for selling products to people who did not need them or could not afford them.
According to the report published last month, all four major Australian banks also charged customers for services-not-rendered and some took fees out of dead client accounts, The year-long Royal Commission has received more than 9,000 submissions by aggrieved customers and has scrutinized a handful of specific cases that have stunned the country, ANZ’s Elliott said he took personal responsibility for the failures that have occurred since he took the reins of the bank in 2016 and that he was appalled rose gold cufflinks by the report’s findings..
“It was pretty saddening to read the report. It made me feel embarrassed for the industry,” said Elliott, who also chairs the lobby group, the Australian Bankers’ Association. “Seeing the impact that we’ve had on individual customers .. was embarrassing and shocking.”. Elliott ordered a review of how ANZ had treated a number of clients mentioned in the interim report by Kenneth Hayne, the former-judge leading the Royal Commission. “We have broken the trust of many of our customers for which we unreservedly apologize and there’s no excuse for that.”.
ANZ said on Monday it would take a A$711 million ($506.59 million) hit to profit partly due to higher costs for compensating customers stung by poor banking practices, The bank’s full-year results are due Oct, 31, Other banks and wealth managers are also setting aside cash to restructure their businesses, defend lawsuits and compensate customers, while bracing for tougher laws and tighter margins, The heads of Commonwealth Bank of Australia (CBA.AX) and Westpac Banking Corp (WBC.AX) said at a parliamentary hearing on Thursday that they were wrong to oppose the Royal Commission, in contrast to the industry’s defiant tone before the inquiry rose gold cufflinks began in February..
SHENYANG, China (Reuters) - Germany’s BMW (BMWG.DE) will pay 3.6 billion euros ($4.2 billion) to take control of its main joint venture in China, the first such move by a global carmaker as Beijing starts to relax ownership rules for the world’s biggest auto market. The luxury carmaker said on Thursday it would increase its stake in its venture with Brilliance China Automotive Holdings Ltd (1114.HK) to 75 percent from 50 percent, with the deal closing in 2022 when rules capping foreign ownership for all auto ventures are lifted.
The move will likely spur BMW to shift more production to China, helping to protect profits amid a whipsawing trade war between Washington and Beijing that has raised the cost of BMW importing cars manufactured at its U.S, plant in South Carolina, The deal also marks a milestone for foreign carmakers which have been capped at owning 50 percent of any Chinese rose gold cufflinks venture and have had to share profits with their local partner, and could encourage rivals such as Mercedes maker Daimler (DAIGn.DE), “We are now embarking on a new era,” BMW Chief Executive Harald Krueger said in a speech in Shenyang, northeast China, where the joint venture is based, He thanked Chinese Premier Li Keqiang, whom he said “personally supported” the plan..
Evercore ISI analyst Arndt Ellinghorst called the deal a major breakthrough. “In the future, BMW will have the full control over the biggest regional profit pool of its business,” he wrote. Beijing has been keen for global carmakers to invest more in China and has also eased restrictions that cap foreign ownership of electric vehicle businesses at 50 percent. The joint venture plans to add a new plant, spending over 3 billion euros on a large-scale expansion of the existing production facility, Krueger said.
Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said: “Others will follow over time, but the divorce schedule depends on how strong or capable the local partner is.”, Daimler’s Chief Executive Dieter Zetsche told Reuters last week that recent signals from the Chinese authorities were encouraging, but the German carmaker did not yet rose gold cufflinks have legal permission to make a move, “If we do, we need to see what opportunities there are,” Zetsche said at the Paris Motor Show, adding any steps depended on talks with BAIC Motor Corp (1958.HK), Daimler’s partner in joint venture Beijing Benz..