Huge regulatory affairs, public affairs teams not to mention the compliance, governance and risk freaks and all those folk do not come cheap especially with heavier regulation on the way.
It won’t be easy, all those costs racking up, they will need as many regulatory, governance, compliance and risk folk as they have bankers, product and dev people.
Westpac will do better than CBA (probably to be broken up under Labor), NAB (how will their money laundering systems cope under Labor scrutiny) and Macquarie but still costs will increase exponentially.
Hoep they are ready otherwise I fear sholder capital may be regulatory fined and penalised out a severe haircut to present.
WBC Price at posting:
$24.55 Sentiment: Hold Disclosure: Not Held
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