Westpac CEO: banks strong, economy the risk

Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1 & 20 : 16-Mar-20

Westpac’s acting CEO Peter King says the coronavirus crisis represents a ‘real’ economy issue that needs to be dealt with accordingly. He says Westpac and the other big banks can cope with an increase in bad debts and a tightening of credit markets, but helping business customers that have no cash flow to remain operating will be their biggest challenge. King says Westpac is ready to play its part in slowing down the spread of the coronavirus within the community, with appropriate procedures in place if a staff member tests positive.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

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