Westpac’s shares have been savaged after it revealed growing cost pressures and a disappointing result from the institutional bank.
Investors sold Westpac shares, taking them 6 per cent lower in the first half-hour of Monday morning trading, as analysts probed the bank’s leadership about the root causes of a tight squeeze on its interest margins. At 3:15pm AEDT, the bank’s shares were down 6.5 per cent at $24.
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James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
