The bank reserved $900m. The market didn't have a number, it just knew that there would be a significant fine. If compared to WBC's 2019 results the fine amount above the reserve means the bank would have made $6.4b profit instead of $6.8b. or around 6% less. This is now just noise. Since the RC and then Covid impacts WBC has tracked ANZ and NAB and is slightly worse than CBA. There is a few cents in the SP today which will disappear by Monday.
WBC Price at posting:
$16.22 Sentiment: Buy Disclosure: Held
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