Why westpac Is Trending Today?

Westpac, Australia's second-largest bank, has announced a significant restructuring plan, aiming to cut 6,000 jobs and close 100 branches over the next three years. The bank's chief executive, Peter King, stated that these changes are necessary to adapt to a rapidly evolving digital landscape and to improve the bank's financial performance. Westpac expects to incur a one-off cost of around AU$1.6 billion due to these changes, with the majority of job cuts occurring in the first two years.

Westpac Banking Corporation has sold its RAMS home loans unit. The bank's profit for the fiscal year 2025 has dipped to $6.9 billion, with costs impacting the results. However, the profit met expectations due to improvements in credit quality. Westpac has also released its sustainability report for 2025, risk factors report, Pillar 3 report, and an announcement regarding its dividend. The bank's CEO has discussed topics such as interest rates, AI, and working from home in a podcast interview with Bloomberg Australia. Additionally, Westpac has published its annual financial results for 2025 and a notice regarding its annual general meeting.