Westpac takes almost $1B hit to cash earnings for customer refunds

Financial Services 2019-10-23 10:21 pm By Christine Caulfield | Melbourne

The costs of Westpac’s customer remediation for the 2019 financial year will approach $1 billion, the bank said Wednesday, as it revealed to the market a $341 million dent in its cash earnings for the second half of the year as part of its ongoing repayment program.