Big Four Banks Face Major Challenges and Changes

The big four banks in Australia are facing major changes, including auditor changes, restructuring, and competitive mortgage rate wars, while dealing with operational issues.

Key facts

• ANZ has dropped KPMG as its auditor after nearly 60 years due to a whistleblower scandal.
• CBA has pledged to keep hundreds of regional branches open until 2030.
• The big four banks have raised home loan rates but not necessarily increased savings rates.
• ANZ has laid off 3,500 employees as part of a major restructuring.
• CBA has been criticized for incorrectly charging fees for inactive cards.

Sources

• The Sydney Morning Herald