Business
Westpac can’t blame COVID, its profit wounds are self-inflicted – Sydney Morning Herald
The most financially-threatening of these injuries is the $8.2 billion-sized slump in its mortgage book over the year. Getting this wrong is a costly own-goal.
Potential customers lost patience with long delays and Westpac paid the price. As they say in the banking world – “time to yes” was way too long.
Behind that execution problem was Westpacs heightened gun-shy attitude to lending in the wake of being taken to court for alleged breaches of responsible lending laws. While Westpac was victorious, it emerged with scars. This generated a reticence within the organisation to push mortgages as hard as its competitors.
The fact that it now needs to fix its…
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