Today's Lead Article

Formula behind CBA's record $700m penalty revealed

AFR  | 07 Jun 2018 | News

The formula that led to Commonwealth Bank's record-breaking $700 million settlement with AUSTRAC has been revealed with the bulk of the penalty being sheeted back to its failure to conduct due diligence on customers or properly assess the risks posed by its high-tech ATM network.

Leading Stories

Telstra to axe 8,000 jobs

The Age  | 20 Jun 2018 | News

Telstra CEO Andy Penn has announced a drastic plan to cut costs at the struggling carrier, including a reduction of 8,000 jobs from its workforce, about a quarter of its total headcount.

As part of a new strategy dubbed 'Telstra 2022', the company said it would increase its cost cutting target from $1 billion to $2.5 billion over the next four years.

Between two and four layers of middle management layers would be eliminated, it said.

Telstra has just over 32,000 employees so the job cuts could affect about one quarter of its workforce.


PwC sent anonymous #metoo report

AFR  | 20 Jun 2018 | News

The letter arrived without warning in the mailboxes of almost two dozen senior partners of PwC Australia, including chief executive Luke Sayers, late last year.

Sent anonymously, the missive outlined what the author or authors described as ongoing tolerance of inappropriate behaviour at the big four accounting and consulting firm. It outlined alleged partner conduct at the firm including sexual harassment, bullying and extramarital affairs.

'Desperate people do desperate things': loan fraud alleged at giant

Adele Ferguson | 07 Jun 2018 | News

The crisis at Mortgage Choice is deepening with documents emerging that show almost half its brokers are considered "low performers" for failing to meet the loan giant's controversial sales targets.




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