Daily Dispatches: massive profit surge for JPMorgan in Australia
JPMorgan has emerged as a major beneficiary of last year's investment banking boom, with profit in its Australian operations growing by nearly 40 per cent. The US-based investment bank lodged its financial accounts with the corporate regulator yesterday. They showed profit in its three major businesses in the domestic market had grown in line with increases in revenue and operating earnings. (The Australian)
National Australia Bank has finalised its $14bn bid for Axa Asia Pacific, after reaching an agreement with the takeover target's French parent following months of negotiation. NAB revealed last night that the three companies had signed binding terms for it to take control of APH's Australian life insurance and wealth management assets, worth $4.6bn. (The Australian)
In 2006, staff from the Huon Valley Shire had discussions with the Commonwealth Bank over funding for long-term projects such as childcare centres and upgrading local roads.After a 13-year relationship with the sleepy Tasmanian shire, the bank put its local government specialists on the case. They described snazzy new investment products that were all the rage in local government circles.Little did the council know it would soon face hefty losses that could threaten the shire's long-term investment plans. (Sydney Morning Herald)
