Compliance Lapses At Australian Banks Raise Alarm Bells

Good morning everyone, it’s Ainslie here in Sydney where the rain is well and truly back. Local stocks are looking at a weaker open today. But first...

Today’s must-reads:
• Finance industry compliance breaches
• Stronger-than-expected wage growth
• Boeing lands its biggest order

Australia’s finance industry is beset by a raft of compliance lapses — from data reporting breaches to trader misbehavior — reigniting concerns the $541 billion sector has struggled to clean up after a litany of scandals came to light six years ago. Most recently, the Australian markets regulator sued Macquarie Group’s local securities business, alleging the misreporting of millions of short sales for more than a decade. At rival ANZ Group, new CEO Nuno Matos said improving risk management is one of his key priorities after missteps plagued his predecessor. Read more here.