Damning Criticism of Australia Banks Sets Scene for Final Report

Shareholders in Australia’s big banks shouldn’t get too comfortable. Bank stocks rallied in relief that the interim report from an inquiry into misconduct didn’t contain any specific recommendations. But criticism ran deep as Commissioner Kenneth Hayne lambasted the banks over their culture, conduct, compliance and remuneration practices, Bloomberg News reported. He also took aim at the securities and banking regulators for their timid approach and failure to take court action. The string of questions and observations made by Hayne in the three-volume document provide ominous clues to the recommendations he may make in his final report due in February. Read more.