Yes, the idea of cost cuts is fairytale stuff, on the eve of Labor coming to power, Peter King better pray for a LNP victory otherwise his cost cuts will have to be reversed and then some.
Think of all the anti money laundering officers, governance, risk and compliance folk that Westpac will have to hire after the election if Labor comes to power. Unless Peter King wants Westpac to be penalized and fined into another Lehmans, Lloyds Bank, RBS situation?
I think If Albanese gets to power, Westpac costs will increase exponentially not decrease unless he gets rid of all the banking product staff and goes for money laundering and GRC staff but NAB, CBA, Bendigo, Macquarie, Crown, ZIP, Afterpay and Star may have already secured a lot of those in prep for Labor.
Cost cuts? Westpac can keep dreaming? I think cost explosion is more likely than cost cuts.
Change my sentiment from buy to hold.
Expand
(20min delay)