well they did disclose the purpose of the funds which was a bit fishy but good to see SSP buyers able to withdraw their support if they want.
But I must say, IMO the CEO , or soon to be ex CEO isn't the only person that should be booted as for his payout, I think that's obsene given even more news out today. Other executives , chief compliance officer should be walked also....
took a almost a year before the executive in charge apparently found out (clearly she is in control of her team but how she didn't discover)
That executive then orders urgent review which takes ages
Problems have been going on for years it appears from 2011, for at least 4 years under the old CEO who put in the IT changes
And the IT tema, no tests of this new system ? who is in charge there, who missed it, who signed off after a review of their work?
They continue on, 2017 discovered, head of told in MAy 2018, urgent review, finally goes to compliance head and committee who then take their time telling Austrac.
with many long standing heads off, how this could have gone for so long
And to think there wasn't a peep Im aware of of such drastic breaches being mentioned during the Royal Commish that occurred in late 2018 to early 2019 -
don't think there is even a provision,
even the CFO at the time doesn't seem to have realised the need to provision - ? Or is a mage breach discussed and disclosed to Austrac in late 2018 not something the CFO was aware of , or something he didn't think to tell the beard or put in a provision....whats going on h finance?
Total sheeeet show in the executive management and group management teams imo, for a very long time, clearly.
Even more amazing are the length and numbers of breaches, how the chair can resist calls for other heads to roll is beyond me.
How the bank didn't provision is beyond me especially after seeing CBA issues come up after they were aware and after they came clean.
Some lawyers will be out in force probably, hard to see accept that people buying when prices were on high were formed about this long standing mega potential for a penalty.....
But even more bizarre to me, with no reports coming into Austrac for a number of major bank transfers from WBC to Austrac since 2011!!!!!!!!!!!!!!!!!!!!, what kind of systems do they have?, they didn't notice or think ayyy, WBC doesn't seem to do any business with DB or CIti or standard chartered or a major set of banks AT ALL ANYMORE?
4 years of no reporting under ex CEO (G Kelly) who put the IT in and no one noticed major banking partners with WBC were no longer doing business - what kind ex management was this really?
but seriously how can these executive general managers take so long to find out, take so long to pass up line or how does the group executive CFO make no provision for this mega long standing discovery .
So many questions about the group executive teams and some executive general managers
And Austrac, what, didn't think one of the big 4 no long doing any transactions with a major set of global banks HIGHLY unusual? Cant say they are too professional - clearly their reporting systems or people looking at the reports are blind as well.
Anyway, good to see some retail shareholders able to back out, not sure the Instos who just fed the capital base at 2532 are going to be that impressed.
The fine is going to be big, the "resturucture" costs no doubt high, then there are the increased capital requirements, the DIV cant be sustained in the near term imo, not at these levels with so much potentially having to be paid out.
good luck, disappointing to see such a large organisation so clearly disorganised, and that includes Austrac imo
Good to see they are blaming some computer code,,,,,,,,but that didn't help CBA.
WBC Price at posting:
$24.81 Sentiment: None Disclosure: Not Held
(20min delay)