Daily Dispatches: Merrill raid leaves RBS reeling

Bank of America-Merrill Lynch has produced its chequebook once more, and hired a team of 10 bankers and traders from rivals Royal Bank of Scotland. (The Australian)

Australia's largest mortgage broker claims that Westpac has all but withdrawn from the home loan market after the bank closed a key part of its RAMS Home Loans subsidiary. RAMS ceased marketing home loans through mortgage brokers yesterday morning after a review of its operations. (Daily Telegraph)

Australia's competition regulator will take two months to review planned takeover of two Axa Asia Pacific Holdings units, giving rival bidder AMP more time to weigh a counteroffer. (Bloomberg)

Superannuation funds posted their best ever half-year results, propelled by the recovery in global share markets, taking the full year's return to almost 13 per cent. (Sydney Morning Herald)