Westpac, ANZ and National Australia Bank have each been ordered by the prudential regulator to put aside an additional $500 million of capital to force them to address major flaws in their culture and the way the banks are run.
The move came on the same day that Westpac released a damning internal assessment of the inner workings of the bank that uncovered multiple failures.
James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
