“2020 has been a particularly challenging year and our financial result is disappointing,” he said. “At the same time, we have incurred higher expenses due to increased resourcing to handle unprecedented COVID-19 demands and fixing our compliance issues.”
Westpac’s expenses were up 6 per cent across the year as it ploughed money into fixing its risk and compliance systems, after it was fined $1.3 billion for widespread failures in its anti-money laundering procedures.
“We have taken accountability for our mistakes and commenced a process of fundamental change, which has included refreshing…
