Westpac has reached a deal with AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty.
At least it brings the saga to an end, the whole situation was getting ridiculous.Yep, it was released to the market early this morning, hopefully this has already been priced in.
They had already provisioned for most of it, the good thing was the judge telling them to put a line under it, the way it was going it would have trundled on for years. WBC tells AUSTRAC they have found more incidents, AUSTRAC saying thanks we will add them to the list and start again, well that is how it appeared.Huge relief WBC has stabilized at it's $16 support,
Due to the size of the fine, initial concern was price crashing through eight option strikes, only set up for four.
Wespac looks like giving us all an indication of what we can expect from banks this year:
Their CEO said “First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook. Notable items were also lower. We improved balance sheet strength, with our Common Equity Tier 1 capital ratio rising 153 basis points to 12.34 per cent."
If it keeps going like this, the buy back won't be very attractive for the punters.Another 2.86% drop at the time of writing.
Not spruiking but Motley Fool reported Goldman Sachs downgrade:
What did the broker say?
last day today, before WBC goes Ex-divi.WBC punters aren't buying the div. Price remains near the recent low.
Any thoughts on how to approach the buy back? Other than cautiously.There'll be plenty of time for us to discuss the buy-back. I want $26, the price before the news.
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