Daily Dispatches: hiring coup for Citi

Citi has pulled off a major hiring coup with the recruitment of high-profile banker Karen Phin, as part of its ambitious plans to rebuild the investment bank. Phin started with the bank yesterday and will lead Citi's newly created capital management advisory division, after finishing a one-year contract with the corporate regulator, the Australian Securities & Investments Commission. (The Australian)

Westpac is under fire after informing credit card customers it will apply interest to their interest charges and fees. The move has since been labelled "sneaky" by a consumer group and Treasurer Wayne Swan has labelled Westpac "a serial offender". (Sydney Morning Herald)

A proposal to have employers accelerate paying their workers' superannuation from quarterly to monthly could add $220m a year to retirement savings. (Business Day)