Australian bank shares surge most in decade as investors cheer inquiry outcome

Inquiry refers scandal-hit Australian banks to watchdogs

Inquiry refers scandal-hit Australian banks to watchdogs

Having extended leave during a Royal Commission is not a good look Mr Thorburn. It's not just me. I wish we had, let me put it that way ...

"A lot of people who have participated in this debate over the past 12 months have said that's all that you should hold boards accountable for, is that they are focused on the maximisation of profits for shareholders".

"I have a family I want to spend time with and it's important for my mental and physical wellbeing". And to lead in a sustainable, long way. The government also took advantage of public anger at the industry to pass a bank levy in 2017 that will cost the big four lenders and Macquarie Group Ltd. A$6.2 billion ($4.4 billion) over four years.

"I respect the commissioner's view. but I don't share it", Mr Thorburn said in a televised interview. The Board and I have reflected deeply on those and other issues and, as I have said previously, we take them very seriously.

"I don't agree with that, I don't feel that's true, I feel that's a bit harsh".

Mr Baird is chief customer officer of the retail bank and along with Angela Mentis, who runs NAB's New Zealand operations, is considered a future contender for the top job.

"That is, there remains a reluctance in some entities to form and then to give practical effect to their understanding of what is ethical, of what is efficient honest and fair, of what is the "right" thing to do. He's thrown the book at you and you disagree with it", she said.

This article does not intend to outline the various recommendations made by the Hayne report - we'll leave that to others.

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The Royal Commission's report, due for release around 0520 GMT, comes ahead of an election expected in May which opinion polls suggest the centre-left Labor party will win.

Instead, it has limited up-front commissions to the amount drawn down by borrowers, rather than the full loan, and will review the impact of its changes over the next three years before committing to further reforms.

"I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues", Hayne reports elsewhere.

The long break has led to speculation that Mr Thorburn's head is on the chopping block. "I believe a leader should be resilient", he said. I know that it is not so.

Westpac shares surged the most among the big banks, while NAB jumped as much as 5.4 per cent despite its chief executive and chairman being singled out for criticism by Commissioner Hayne.

Among the financial planners, which would have to disclose the commissions they receive for selling wealth management products under the report's recommendations, shares of AMP Ltd and rival IOOF Ltd rose about 10.0 percent and 8.0 percent, respectively. "I am not persuaded that it is necessary to mandate structural separation between products and advice".

His Wikipedia page, which lists his distinguished service as Treasury department secretary and adviser to the Keating, Howard and Rudd governments, was briefly re-edited to say he had come across as an "arrogant tool and a genuine ballbag".

"We don't want the work that is now with 25,000 small business and people working within the mortgage broking industry just simply to go to the big banks", he said.

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