On Breakingviews – Banks Down Under have further depths to plumb, says ClaraDFMarques
Australia's Westpac Banking Corp's Chief Executive Officer Brian Hartzer speaks during a media conference in Sydney, Australia, November 6, 2017. REUTERS/David Gray
It has been a grim stretch for bankers Down Under. A spate of scandals and a widely watched 2018 public inquiry battered reputations. Now, Westpac stands accused by financial intelligence agency AUSTRAC of breaching money-laundering rules, with some payments potentially linked to child exploitation. Westpac can expect to pay at least as much as CBA did in its record A$700 million settlement. With most of a A$2.5 billion capital raise already completed, Westpac should be able to cope. But that won’t be the whole tab.
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