Business
Westpac to spend $260m extra compensating customers
Westpac will spend another $260 million to compensate customers affected by its “errors”, taking its total remediation payments so far to $659 million.
Business
Westpac will spend another $260 million to compensate customers affected by its “errors”, taking its total remediation payments so far to $659 million.
News
Westpac’s major rivals may not rush to follow the lender’s move to raise mortgage rates, with regulators’ glare and the threat of an increased bank levy keeping them on hold, according to one leading analyst.
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Westpac chairman Lindsay Maxsted says criticism of the Australian banking sector is “warranted” but hopes a royal commission into alleged misconduct will restore trust and confidence.
Westpac has lifted its full-year profit three per cent to $8.062 billion, boosted by six per cent growth in Australian mortgages.
A combination of soft commodity prices and weakr US growth is likely to weigh on the Australian economy for the rest of 2016.
The outlook for the Australian economy in early 2016 has deteriorated, the latest Westpac/Melbourne Institute Leading Index shows.
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