Australian mentality: "We need to cut costs so we can maintain the dividend."
American mentality: "We need to grow revenue so we can grow our dividend."
Investing in Australian banks, bar CBA and Macquarie is a fool's game.
This bank (Westpac) is so bad, so awful, that it hasn't hit an ATH in about 7 years. In fact, it's trading at where it did in the mid-2007s, all while failing to provide shareholders a stable income.
Anyone who decides to invest in Westpac is just making an awful, awful decision and losing sight of the big picture to get a few "frankies" in the bag. I hope that mirage of that big fat juicy divvy doesn't detract you from an investment that will win in the longer term.
An awful, awful investment, and today's announcement is a culmination of Westpac's failure in investing in its business and so the easy and cheap answer for this cheap and third-tier and uninspiring, visionless management team is to cut costs so they can meet their targets and get paid bonuses.
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