Monday, May 6, 2019

My Hope for Leicester City to Win

Yes, I am supporting Leicester City today. 

And yes, I am hoping we win. We can thump Manchester City. 

This is Citizens’ penultimate game, so let’s do it! 

If we fail – this will enable them to retain the initiative going into the final round of games next Sunday. We cannot let them, we simply cannot.

I always thought that Malaysian bankers are blood suckers – little did I know that bankers elsewhere are the same too. 

Australia’s big banks – once among the world’s most profitable – are being compelled to amass war chests worth billions of dollars to reimburse customers for years of dodgy fees 

Industry heavyweight The National Australia Bank on Thursday became the latest financial house to outline the mounting cost of refunding ripped-off customers following a government investigation. 

The company had announced that they had set aside A$1.1 billion ($770 million) in the last financial year to remediate customers. 

A Royal Commission had exposed rampant bank malpractice that included charging fees to dead people, charging fees for no services at all, aggressive selling tactics and poor advise that led to significant upheaval for clients. 

The year-long probe singled out NAB for especially severe criticism and even forcing the departure of the CEO and chairperson. 

Of course, NAB were apologetic, saying the infamy "force us to confront broader issues of how we treat customers". 

Earlier last week, NAB’s competitor ANZ said they had set aside A$928 million in remediation costs since the first half of the 2017 financial year and contacted more than 276,000 customers. 

Commonwealth Bank and Westpac have taken similar steps. 

According to a Macquarie Research estimate, the total cost for the sector could be as high as A$6 billion. The costs – although a fraction of revenues – are starting to be felt on the banks’ bottom lines, at a time when the economy is getting to be a wee bit more challenging. 

Announcing half-yearly earnings, NAB said they would defer the “majority” of management bonuses and cut shareholder dividends by 16% to protect the firm’s balance sheet during a difficult period. 

The above scandal adds to the growing list of headwinds facing a sector that has been a driver of the Australian economy. Then again, bankers are bankers – they are never short of confidence and opportunity to make money and certainly, they can be expected to continue to make overflowing profits.

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