Via the FT:
The bank warned its full-year cash profit would be hit by A$697m ($492m) in costs related to customer remediation, software, restructuring and Australia’s public inquiry into the finance industry. The hit to profit from those items reflected a year-on-year increase of A$545m for the twelve months to the end of September. The remediation costs were related to “compensating customers for issues arising from product reviews … [and] compensation for customers receiving inappropriate advice or for services not provided within ANZ’s former aligned dealer groups”, the bank said in a statement.
Shares down -3%:
Follows WBC with the same. Banks in the gun as property unwinds.
