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JPMorgan Chase and Bank of America, two major investment banks on Wall Street, are implementing measures to address concerns about the long work hours of junior bankers. JPMorgan will limit junior banker hours to 80 per week in most cases, with exceptions for completing live deals. Bank of America is launching a new internal platform to monitor individual workloads more closely. These changes come as demands on junior staff have increased due to a surge in corporate deals, and after the death of a Bank of America associate sparked a debate about unhealthy workloads. Both banks are taking steps to prioritize the health and well-being of their junior bankers. [Extracted from the article]

Bank of America and JPMorgan Chase are implementing measures to limit and monitor the working hours of young bankers, according to the Wall Street Journal. JPMorgan will restrict junior banker hours to 80 per week in most cases, while Bank of America is introducing a tool to track how junior bankers spend their time. This comes as banks face scrutiny over the impact of long work hours on the health of their employees, following the death of a Bank of America associate from a heart attack. Both banks have stated that they take the health of their junior bankers seriously and regularly review policies to ensure their well-being. [Extracted from the article]

David Clarke has been appointed as the new chair of ASX Ltd., the operator of Australia's main equities and derivatives exchange. He will assume the role on October 28, replacing current chair Damian Roche, who is retiring. Clarke has previous experience in senior roles at Westpac Banking Corp. and Investec Bank (Australia) Ltd. ASX has faced challenges with a long-running upgrade of its clearing and settlement technology system, which has resulted in a lawsuit from the securities regulator over misleading statements. [Extracted from the article]

Anthony Miller, a former partner at Goldman Sachs, has been named the new CEO of Westpac Banking Corp. Analysts expect Miller to prioritize technology improvements and cost cuts at the Australian bank. He will succeed Peter King on December 16 and will have a fixed remuneration of A$2.5 million ($1.7 million) as well as variable compensation. Miller's biggest challenge will be completing the cost cutting and restructuring that King was unable to fully execute. The new CEO will also need to address IT system and legacy regulation issues. [Extracted from the article]

The Australian Prudential Regulation Authority (APRA) has increased the additional capital requirements for ANZ Group Holdings Ltd. due to concerns about the company's non-financial risk management. APRA has identified issues in ANZ's markets business and is worried that the company has not adequately addressed deficiencies in controls, risk culture, governance, and accountability. The capital add-on has been raised to A$750 million ($503 million) from the previous amount of A$500 million. APRA has communicated its expectations to ANZ and will consider further action based on the outcomes of ANZ's independent review. [Extracted from the article]

PricewaterhouseCoopers (PwC) China is expected to face a six-month ban by the Chinese government starting next month as a punishment for its audit of China Evergrande Group, a failed property giant. This ban, which would be accompanied by a large fine, would be the harshest action taken by Chinese regulators against a Big Four firm. The penalty would prevent PwC China from approving financial results, conducting initial public offerings, and engaging in other regulated activities. Despite the suspension, PwC staff will continue working and will be able to certify audits on 2024 annual reports once the ban is lifted in March. Several publicly listed firms in mainland China have already dropped PwC as their auditor this year, particularly after the firm faced scrutiny for its alleged involvement in an accounting fraud at China Evergrande. [Extracted from the article]

The Australian Prudential Regulation Authority has reduced Westpac Banking Corp.'s additional capital requirements by A$500 million due to progress in improving risk management and governance. The bank had been required to hold more capital after regulatory violations that resulted in a record fine for breaching anti-money laundering laws. Westpac's CEO, Peter King, stated that the bank is now a simpler and stronger institution with significantly improved risk governance. [Extracted from the article]

Prudential Plc, an insurer, has announced a $2 billion share buyback program. The buyback is expected to be completed by mid-2026, with the timing dependent on market conditions. Prudential has seen a 9% increase in new business profit in the first quarter, largely due to the return of mainland Chinese travelers to Hong Kong. The company's CEO has stated that progress towards financial objectives could lead to further cash returns to shareholders. Prudential's buyback follows a similar move by AIA Group Ltd. Goldman Sachs Group Inc. will conduct the first part of Prudential's buyback. [Extracted from the article]

Prudential Plc has announced a $2 billion share buyback program, which is expected to be completed by mid-2026. The buyback will be subject to market conditions and the repurchased shares will be canceled. The first phase of the buyback, worth $700 million, will be conducted by Goldman Sachs Group Inc. from June 24 to December 27. Prudential also mentioned the potential for further cash returns to shareholders. [Extracted from the article]

Large banks and grocers in Australia have agreed to provide A$50 million ($33 million) in funding to Linfox Armaguard Pty Ltd., a struggling cash-transportation firm. This deal will ensure that bank notes and coins continue to circulate in the economy. The agreement will give Armaguard funding for a year starting from July 1. The Australian Banking Association, representing the country's major firms, conducted negotiations on behalf of the lenders. The future model for the cash-in-transit industry will also be discussed between the Australian Banking Association and Armaguard. [Extracted from the article]

Sydney is a vibrant city with a diverse food scene, contrary to the misconception that it lacks culinary options. The city offers a range of restaurants and pubs that cater to different cultural cuisines. The Opera Bar, located outside the Sydney Opera House, is a must-visit attraction where one can enjoy wine, oysters, and the sunset over the harbor. Commuting in Sydney can be easy, with options like driving or taking the ferry. For breakfast, locals recommend Piccolina in Hunters Hill or Freshwater Beach for a swim and a meal. Taronga Zoo and Manly are popular destinations for visitors, especially those with kids or family. Aria, Mr. Wong, and Felix are recommended for working lunches, while Mimi's in Coogee and The Newport offer special dining experiences. The Sporting Club of Sydney and the cliff walks from Bondi to Tamarama are great options for workouts. Tipping is not expected in restaurants, but a tip of 5% to 10% can be given for excellent service. Sydney's outdoor lifestyle is best experienced by visiting the various beaches along the shoreline. Public transport, including the ferry service, is convenient for getting around the city. Business attire in Sydney has become more casual, with ties no longer expected for men. Women also dress in business casual attire. [Extracted from the article]

Perpetual Ltd., an Australian money manager, has confirmed that it is in exclusive talks with KKR & Co., a US private equity firm, regarding the potential acquisition of its corporate trust and wealth management businesses. However, there is no guarantee that a binding agreement will be reached or that a transaction will proceed. KKR's interest in Perpetual comes after the company rejected a A$3.5 billion takeover offer from Washington H Soul Pattinson & Co. in December. Perpetual began a review of its corporate trust and wealth management units in December to explore ways to unlock value for shareholders and create a more focused asset management business. [Extracted from the article]

HSBC Holdings Plc's CEO, Noel Quinn, is focused on expanding the bank's wealth management business in China and India to match its strong presence in Hong Kong. The bank is hosting a Global Investment Summit in Hong Kong to further this goal. HSBC is among several global banks expanding their wealth management operations to offset the volatility of dealmaking and trading. Despite challenges such as geopolitical tensions and sluggish economic growth in China, HSBC aims to establish a strong presence in mainland China, Singapore, ASEAN, and India. [Extracted from the article]

HSBC Holdings Plc's CEO, Noel Quinn, is focused on strengthening the bank's wealth management capabilities in China and India to match its successful operations in Hong Kong. Quinn aims to establish equally strong wealth management services in mainland China, Singapore, ASEAN, and India. HSBC is expanding its wealth-management operations globally to offset the volatility of earnings from dealmaking and trading. The bank's pivot to Asia has faced challenges due to geopolitical tensions and slow economic growth in China. Despite this, HSBC's full-year earnings reached a record high due to rising interest rates. [Extracted from the article]

Australia's federal court has ruled that Vanguard Investments Australia Ltd. misled investors by making false claims about the credentials of a bond fund, marking the first ruling on greenwashing by the country's corporate watchdog. The court found that Vanguard made misleading representations about the screening process used to rank environmental, social, and governance factors of the Vanguard Ethically Conscious Global Aggregate Bond Index Fund. The Australian Securities & Investments Commission will hold a hearing on August 1 to determine the size of the penalty. Vanguard, which manages about $8.7 trillion globally, has admitted to engaging in misleading conduct. [Extracted from the article]

National Australia Bank's CEO, Ross McEwan, has stated that the country's economy is displaying resilience and that the majority of the bank's clients are managing the challenges effectively. The bank reported an unaudited cash profit of A$1.8 billion for the first quarter, with a credit impairment charge of A$193 million due to increased arrears in home and business lending. McEwan expressed optimism about the future and the bank's transition to a new CEO. [Extracted from the article]

ANZ Group Holdings Ltd. has successfully overturned a decision by the Australian Competition and Consumer Commission (ACCC) to block its $3.2 billion purchase of Suncorp Group Ltd.'s banking arm. The Australian Competition Tribunal ruled that the acquisition would not substantially lessen competition and would provide net public benefits. The deal still requires final approval from the Queensland state government and Treasurer Jim Chalmers. ANZ CEO Shayne Elliott believes the acquisition will bring significant opportunities for ANZ, Suncorp Bank, and their customers, as well as major public benefits for Queensland. [Extracted from the article]

ANZ Group Holdings Ltd. has successfully overturned a decision by the Australian Competition and Consumer Commission to block its purchase of Suncorp Group Ltd.'s banking arm. The Australian Competition Tribunal announced its decision, which now requires final approval from the Queensland state government and Treasurer Jim Chalmers. ANZ had attempted to buy Suncorp's bank in 2022 as part of its expansion plans in the retail banking sector. [Extracted from the article]

Magellan Financial Group has appointed Sophia Rahmani as the managing director, with plans to make her the CEO within a year. The struggling money management firm is seeking to reposition itself after a period of turmoil. Rahmani, who joins from Maple-Brown Abbott Ltd., will start in May. Magellan also reported better-than-expected net income for the first half of the year. The stock opened 4.6% higher following the announcement. [Extracted from the article]

Magellan Financial Group has appointed Sophia Rahmani as the managing director in a temporary role, with the intention of making her the CEO within a year. The company has been facing challenges and is seeking to reposition itself after a period of turmoil. Magellan's assets under management have declined since co-founder Hamish Douglass left, and previous CEO David George also departed after a short tenure. The chairman is working towards a turnaround, with funds under management currently at around A$36 billion. [Extracted from the article]

Macquarie Group Ltd. has reported a decrease in profit due to reduced activity in its commodities and global markets business. The head of the division, Nicholas O'Kane, will be stepping down later this month. The firm's annuity-style business also saw lower asset realizations in green investments and margin compression. Despite these challenges, Macquarie's CEO, Shemara Wikramanayake, highlighted the resilience of the underlying client franchises and the continued growth in customer base, fundraising, and new business origination. The bank expects net other operating income for the second half of 2024 to be substantially lower than last year. [Extracted from the article]

National Australia Bank (NAB) has announced that Andrew Irvine will replace Ross McEwan as CEO. Irvine, who has been running NAB's business and private banking division since 2020, will take on the role on April 2. Analysts and shareholders have praised Irvine's experience and knowledge, with NAB Chair Philip Chronican stating that Irvine is well-suited to lead the bank into its next chapter of growth. McEwan, who has been credited with stabilizing NAB and delivering strong results, will retire from executive roles. [Extracted from the article]

National Australia Bank (NAB) has announced that Andrew Irvine will be taking over as CEO, replacing Ross McEwan. Irvine, who has been with NAB since 2020 as the group executive for business and private banking, will assume the role on April 2. McEwan, who has been in the position for over four years, will retire from executive roles. NAB Chair Philip Chronican praised Irvine's experience and leadership qualities, stating that he is well-suited to lead the bank into its next phase of growth. Irvine previously worked at the Bank of Montreal and holds degrees from King's College London and Western University in Canada. [Extracted from the article]

(Bloomberg) -- National Australia Bank Ltd. said Andrew Irvine will replace Ross McEwan as chief executive officer.Irvine, NAB's group executive for business and private banking since 2020, will start in the role on April 2, according to a statement Wednesday. McEwan will retire from executive roles, the statement said.©2024 Bloomberg L.P.By Adam HaighReported by Author [Extracted from the article]

Australia's gambling watchdog in the state of Victoria, the Victorian Gambling and Casino Control Commission (VGCCC), has ordered Tabcorp Holdings Ltd. to make most of its electronic betting terminals cashless due to incidents of minors placing bets. The directive states that Tabcorp's terminals can only accept cash bets if they are within five meters and in the line of sight of the counter in a gambling venue. Starting later this month, about 70% of Tabcorp's 1,800 terminals in Victoria will only accept vouchers bought after age and identification checks at a counter. The new requirements were implemented after continued breaches, and Tabcorp faces charges for allowing minors to gamble and failing to supervise its terminals. The VGCCC CEO emphasized the need for stronger actions to protect the community, especially children, from gambling harm. [Extracted from the article]

Mitsubishi UFJ Trust and Banking Corp, a unit of Japan's largest bank, Mitsubishi UFJ Financial Group Inc., has announced its plans to acquire Australian data manager Link Administration Holdings Ltd. in a deal worth approximately $744 million. The purchase is part of a trend of Japanese lenders seeking higher returns by acquiring assets abroad. Link's board has unanimously recommended that shareholders vote in favor of the transaction. This move comes after Link's failed negotiations with Canada's Dye & Durham Ltd. for the sale of multiple parts of its business. Japanese banks have been engaging in overseas M&A activity in recent years to counter the effects of ultra-low interest rates at home. [Extracted from the article]

Mitsubishi UFJ Trust and Banking Corp., a unit of Japan's largest bank, Mitsubishi UFJ Financial Group Inc., has announced its plans to acquire Australian data manager Link Administration Holdings Ltd. for approximately $744 million. The deal comes as Japanese lenders, seeking higher returns abroad, continue to acquire assets overseas. This move follows Link's failed negotiations with Canada's Dye & Durham Ltd. last year. Japanese banks have been engaging in overseas M&A activity in recent years to counter the effects of low interest rates at home. [Extracted from the article]

ANZ Group Holdings Ltd., an Australian bank, has warned its employees that their compensation may be affected if they do not work from the office at least half the time. The Finance Sector Union has criticized this move, stating that it will disrupt the lives of employees and potentially impact their performance. ANZ is one of several employers worldwide pressuring employees to return to the office after the COVID-19 pandemic. [Extracted from the article]

ANZ Group Holdings Ltd., one of Australia's largest banks, has faced criticism from a union representing financial employees after reminding staff to be in the office at least half of the time. The Finance Sector Union argues that this directive will disrupt the lives of employees and potentially harm future performance outcomes. ANZ allows for up to 50% remote work, but the bank expects employees to spend a minimum of 50% of their scheduled work time in the workplace. Failure to meet these expectations may impact performance ratings and remuneration. [Extracted from the article]

The Commonwealth Bank of Australia reported a flat profit in the first quarter due to increased competition for deposits, resulting in lower net interest margins. The bank's unaudited cash profit was A$2.5 billion ($1.6 billion) in the three months to September 30. Australian banks have warned investors about the challenges of generating returns in certain areas of their businesses as rising interest rates slow growth and consumer spending. Despite these challenges, the bank remains optimistic about the medium-term outlook and is committed to supporting its customers through difficult times. Consumer arrears are currently at historically low levels. [Extracted from the article]

ANZ Group Holdings Ltd.'s shares have dropped after its earnings fell short of analyst estimates and its CEO warned of a challenging economic environment ahead. Despite a 14% rise in cash profit, it did not meet the average analyst expectation. The CEO stated that revenue growth will be harder to achieve in the coming months. Australian bank CEOs are cautioning that rising interest rates will put pressure on net interest margins, impacting profitability. ANZ is also continuing its efforts to acquire Suncorp Bank. [Extracted from the article]

ANZ Group Holdings Ltd. reported a 14% increase in cash profit to A$7.41 billion ($4.71 billion) for the 12 months ending September 30. However, the CEO, Shayne Elliott, cautioned about a challenging economic environment ahead, citing the impact of higher interest rates on economic activity and household budgets. The bank is also continuing its efforts to acquire Suncorp Bank, with a tribunal decision expected in February. Analysts predict that ANZ's dividend could fall in 2024 due to weaker earnings driven by margin pressure and expense inflation. [Extracted from the article]

ANZ Group Holdings Ltd. reported a 14% increase in cash profit to A$7.41 billion ($4.71 billion) for the 12 months ending September 30. This growth was attributed to higher interest rates, which boosted lending profitability. However, Australian bank CEOs are warning that the positive impact of rising interest rates will diminish as borrowing costs reach their peak, potentially putting pressure on net interest margins. This could lead to increased competition for home loans as homeowners transition from low fixed mortgage rates to higher floating rates. [Extracted from the article]

Firms have had to grapple with the steepest rate-hike cycle in decades that's left the cash rate at a 12-year high. (Bloomberg) -- National Australia Bank Ltd. Chief Executive Officer Ross McEwan said the expectation that the rate-hike cycle is nearly over is boosting consumer and business confidence. [Extracted from the article]

(Bloomberg) -- Westpac Banking Corp.'s higher dividend and stock buyback puts the Australian lender on course to narrow its share-price under performance compared to peers. Read More: Westpac Gains After Boosted Dividend, Buyback: Street Wrap Through the end of last week, Westpac shares were down 7.9%, compared with a 2.3% dip on the S&P/ASX 200 Banks Index. [Extracted from the article]

Investors are assessing how big a hit net interest margins are taking and the extent of success with plans to rein in expenses. (Bloomberg) -- Westpac Banking Corp. lifted its dividend and said it will buy back A$1.5 billion ($980 million) of its own shares, offering investors some respite to the intense competition in the Australian mortgage market that's testing profitability. [Extracted from the article]

(Bloomberg) -- Westpac Banking Corp. lifted its dividend and said it will buy back A$1.5 billion ($980 million) of its own shares as strength in mortgages buoyed profit. Investors are assessing how big a hit net interest margins are taking and the extent of success with plans to rein in expenses. [Extracted from the article]

Profit contribution from Macquarie Asset Management was down 71% due to the timing of asset realizations in green investments and higher expenses. (Bloomberg) -- Macquarie Group Ltd.'s profit suffered after fewer asset sales and weakness in its commodities and global markets business. [Extracted from the article]

Collins is "not a fit and proper person to provide financial services" and it is in the public interest for him to be barred from working in the sector, the Australian Securities and Investments Commission said in a statement Friday. "For the duration of his ban, Mr Collins cannot provide financial services, control an entity that carries on a financial services business or perform any function involved in the carrying on of a financial services business." (Bloomberg) -- Former PwC Australia partner Peter Collins was banned by Australia's markets regulator from providing financial services for eight years. [Extracted from the article]

(Bloomberg) -- Crypto exchanges in Australia will soon be required to hold a financial-services license issued by the markets regulator as the country seeks to support the growth of digital assets while protecting consumers. Jones outlined hypothetical cost savings for local financial markets from tokenization, including A$1 billion to A$4 billion annually for transactions and as much as A$13 billion for issuers in capital markets. [Extracted from the article]

Woodruff, who joined Citigroup in New York in 2002 and has held senior roles including head of markets for Australia and New Zealand, said that while business sentiment was strong, the uncertainty of central bank actions had delayed some decision making. (Bloomberg) -- Clearer messaging on central bank policy in the coming months will boost the market for initial public offerings in 2024 as confidence for companies and investors builds, according to Citigroup Inc.'s head of Australia and New Zealand. [Extracted from the article]

It marks the latest enforcement action in the regulator's two-year crackdown on Wall Street's use of WhatsApp and other messaging apps. (Bloomberg) -- The Securities and Exchange Commission is finalizing settlements with about two dozen Wall Street firms to resolve probes into lapses in record keeping, Reuters reported. [Extracted from the article]