Australia’s top banker defends lifting bonus caps for mortgage staff

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The story "Australia’s top banker defends lifting bonus caps for mortgage staff" was covered 4 days ago by Financial Times, a news publisher based in United States.

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Financial Times 4d ago

Australia’s top banker defends lifting bonus caps for mortgage staff - Financial Times

Quick Summary:

NAB, another top-four Australian bank, followed CBA’s lead in scrapping the bonus cap and Westpac is considering a similar move.

It is eroding trust in institutions, in all of our institutions, it is a real cause for concern,” he said, pointing to political accusations of price-gouging made against supermarkets and pressure on the banking sector to lower the cost of digital transactions.

It had found that bankers had been motivated by financial incentives rather than by customer satisfaction, which had led to poor behaviour across the financial services sector.