Original article by Aleks Vickovich
The Australian Financial Review – Page: 19 : 20-Feb-20
Westpac has used a market update for the first quarter of 2019-20 to advise that its earnings for the financial year will be affected by factors such as the Austrac scandal, storms and the bushfires crisis. Citigroup has responded by downgrading its half-year earnings per share forecast by seven per cent, while its forecast for the full year has been reduced by five per cent. Westpac could face fines of up to $2bn for breaching anti-money laundering laws, while it is the subject of two class actions over the scandal.
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE