AUSTRALIA (Commonwealth Union)_The National Australia Bank's attempt to bypass the union's opposition to a new wage agreement by directly polling employees has failed, with employees rejecting the proposal. Thousands of bank employees had previously vowed to strike over the "meagre" salary offer, according to the Finance Sector Union (FSU), claiming it does not address rising living costs and that the organisation is afflicted by a "understaffing issue".
As part of a new enterprise agreement for employees, the bank provided a 5% raise in the first year and a 4% raise in the second year. Employees earning more than $100,000 would...
England (Commonwealth Union)_ According to a recent survey, the asset management sector was the only one of the financial services sectors to see a decline in diversity, equity and inclusion year over year, lagging behind its peers in these areas. In an interview with Investment Week, co-founder of 10,000 Black Interns and CEO of Barrington Hibbert Associates Michael Barrington-Hibbert discussed how this can be changed for the better and...
England (Commonwealth Union)_ As part of government ambitions to deregulate the City of London and spur a post-Brexit second big boom for financial services, ministers are contemplating loosening regulations put in place to stabilize the banking system following the credit crunch.
In accordance with the ringfencing restrictions, which the UK unilaterally enacted in the aftermath of the 2008 global financial crisis, lenders must keep their high street operations apart from...
England (Commonwealth Union)_ HSBC recently reported that it will close 114 additional branches in the UK starting in April due to a substantial decline in client traffic. The bank stated that it will make an effort to redistribute impacted employees, but approximately 100 positions would be lost.
As more individuals bank online and lenders decrease expenses, banks have shuttered tens of thousands of branches in recent years. A union charged...
New York (Commonwealth Union)_ To support the strategic expansion of the New York-based franchise, DWS has named Blackstone veteran Paul Kelly as global head of its €126 billion alternatives business.
In addition to accelerating the company's organic and inorganic growth beginning in February 2023, Kelly will be in charge of executing a global cross-product strategy that is cohesive. Kelly will report directly to DWS CEO Stefan Hoops and oversees the...
India (Commonwealth Union)_ "Even when looking out 6 to 9 months, we do not see any big equities market downturn. Therefore, in contrast to its competitors, we continue to believe that Indian stock will dominate the equity market,” says Pradeep Gupta, co-founder and vice chairman of the Anand Rathi Group. The current earnings season has generally met expectations. There appear to be marginally more positive than negative surprises.Investors appear...
(Commonwealth Union) BlockFi, a cryptocurrency lender, filed for Chapter 11 bankruptcy protection on Monday, becoming the market's latest failure after being exposed to the catastrophic collapse of the FTX exchange earlier this month. The New Jersey court petition comes as bitcoin values have plummeted dramatically. Bitcoin, by far the most popular digital currency, has dropped in price by more than 70% from its peak in 2021.
"BlockFi's Chapter 11 restructuring...