Australia

They may do so without being forced.

But banks are still in a "sweet spot" for now.

The bank will hire 100 new relationship managers over the next three years.

The Australian Securities and Investment Commission also launched its investigation.

Thanks to the recent money laundering crackdown.

That is if banks can tailor a unique package of services for their needs.

Both methods are likely to be negative for shareholders.

A softening housing market will weigh on banks' profitability as credit growth slows.

An analyst says a formal public inquiry into the sector may be on the cards.

They also increased their direct property lending by 50%.

It will be lead by King & Wood Mallesons partner Scott Farrell.

The aim is for them to be 'unquestionably strong'.

Banks say the move is an 'outrageous cash grab'.

But they have agreed the levy won't threaten the financial system.

Stella Choe's appointment as Head of Corporate Banking for Australia and New Zealand is effective immediately. In this role, Stella will report locally to Tony Osmond and regionally to Gerry Keefe. She will also continue to lead the Financial Institutions group within the Corporate Bank for the time being. Stella brings a wealth of corporate banking experience to the role, having served in senior positions with HSBC, Morgan Stanley and J.P. Morgan in Asia, Europe and the United States. Stella joined Citi in 2014 as Head of the Corporate Bank, Financial Institutions group, Australia and New Zealand. She has successfully expanded the team, had relationship responsibility for some of our most important clients, helped to deliver strong growth in revenues, and supported her clients on a number of large transactions.

It will now be due in March.