Westpac is pressuring corporate borrowers to cut carbon emissions through new targets for clients in the electricity,cement manufacturing and oil and gas sectors.
CEO Peter King said the bank had brought forward its digital mortgage plan partly because interest rate rises would prompt customers to look for better deals.
Westpac chief executive Peter King says the banking giant is keen to make more direct investment in fintech businesses or applications that can be rolled out to its customers.
Westpac’s Peter King expects a fall in house prices of 10 to 15 per cent over the next two years and says borrowers have capacity to absorb higher rates.
Westpac shed 1,100 head office jobs in the latest quarter,and a similar reduction is expected in the current quarter as it faces a crunch on profit margins.
Frustrated Westpac shareholders have lashed out at the bank’s poor financial performance,hitting the lender with a first strike on executive pay at a feisty annual general meeting.
Westpac chief executive Peter King has vowed to deal with widespread compliance problems by pushing ahead with a cultural overhaul.
The deal allows the regulator to notch up a handy win,polish its star and brandish its credentials as a results-regulator - all while saving money.
Australia’s second largest bank was too slow to capitalise on the extraordinary housing boom that has taken place during the COVID-19 pandemic.
Investor confidence in Westpac chief executive Peter King’s turnaround plan has been dented by a weak set of financial results.
Westpac’s Peter King says regulators should wait for the lockdowns to end before assessing whether there may be a potential role for lending curbs.