Westpac (ASX:WBC) share price lower on AGM update

The Westpac Banking Corp (ASX: WBC) share price is trading lower on the day of its annual general meeting.

At the time of writing, the banking giant’s shares are down 0.5% to $19.89.

What did Westpac say at its annual general meeting?

At the meeting the bank provided investors with a summary of its performance in FY 2020 and its targets for the future.

Speaking about FY 2020, Westpac’s Chief Executive Officer, Peter King, revealed that he was disappointed with the company’s performance.

He said: “The 2020 financial year was clearly disappointing, with reported profit down 66%. Much of the fall was due to our own issues, including the AUSTRAC penalty. COVID directly impacted us contributing to slower loan growth, lower…