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Westpac has agreed to pay a record $1.3 billion fine for major breaches of money laundering and terror financing laws – the largest civil penalty in Australian history.
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Westpac says it will bring back around 1,000 call centre jobs to Australia from overseas to meet growing demand for customer assistance due to the coronavirus pandemic.
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The bushfire crisis will cost Australia $5 billion in direct losses and lop off 0.2 to 0.5 per cent from its economic growth, Westpac has estimated.
Westpac chief executive Brian Hartzer is stepping down and chairman Lindsay Maxsted plans to follow suit, leaving Australia’s second largest bank to respond to its money laundering and child exploitation scandal under new leadership.
Australia’s financial intelligence agency is pursuing Westpac for alleged breaches of money laundering and counter-terror laws.
Westpac has cut its dividend for the first time in a decade after its full-year profit fell by 15 per cent to $6.85 billion.
