Banking group Westpac rose after the lender beat estimates for first-quarter profit and made headway in cutting costs.
Australia's fourth-largest bank by market value said it cut its headcount by more than 1,100 over the quarter, reduced corporate functions by about 20 per cent and combined key management roles.
The lender reiterated that it would meet its cost target of $8 billion by 2024, as it cut expenses to $2.70 billion in the quarter, down 7 per cent from the quarterly average of the second half, excluding notable items.
Ann: WBC 1Q22 Update release, page-57
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