Australia's Westpac Banking Corp said on Wednesday its 2020 profit would be...
) said on Wednesday its 2020 profit would be hit by a rise in costs related to improving risk management systems in the wake of a money-laundering scandal and the country’s deadly bushfires.
“Westpac remains committed to materially lifting its approach to risk management. As a result, we are identifying further issues to address,” the Sydney-based bank said in a limited capital update. “The Group expects to incur additional expenses in FY20 associated with this work and will need to reconsider its current cost growth expectations.”
Devastating wildfires in Australia and the coronavirus outbreak threaten growth prospects, including that of China, Australia’s largest trading partner. The country’s top financial regulators, the Australian Securities and Investments Commissions and the Australian Prudential Regulation Authority were both conducting its own investigations into the matter, the lender said.
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