Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 4BC account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 4BC content and other benefits.


Joining is free and easy.

You will soon need to register to keep streaming 4BC online. Register an account or skip for now to do it later.

Advertisement
Advertisement
Advertisement

Westpac hit by another $341 million in refunds

Article image for Westpac hit by another $341 million in refunds

Westpac’s full-year profit will be down $1.13 billion after it announced a $341 million charge for customer remediation.

The bank’s first-half profits listed $753 million in compensation-linked payments, and with the latest charge, the bank’s cash profit over the full-year will be reduced by $1.13 billion.

Shaw and Partners banking analyst Brett Le Mesurier tells Ross Greenwood the costs continue to get bigger.

“These issues will continue to occur… the number of products they have is so significant that it’s difficult for them to guarantee that there will be no future errors.

“What they can, of course, try to do is make sure that the errors and the costs of the errors are much smaller than they currently are.”

Click PLAY below to hear the full interview

Image: Getty/Peter Parks

Deborah Knight
Advertisement