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Bank Misconduct Lashed by Australia's Biggest Pension Funds

  • Focus on short-term profitability has hurt value, Delaney says
  • Will take time for banks to rebuild trust, fund chiefs say
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Australia’s biggest pension fund hit out at the nation’s banks, saying a string of scandals exposed by a wide-ranging public inquiry showed the industry was too focused on the short term.

“It’s been disappointing what’s been happening in the banking sector,” Mark Delaney, chief investment officer of AustralianSuper Pty., told the Bloomberg Invest summit in Sydney on Wednesday. Lenders have “focused on short term profitability to the detriment of long-term shareholder value enhancement,” he said.