- Slowing demand for mortgages is weighing on the banking industrys revenue.
- Westpac expects housing credit growth to ease to 4% next year.
- CEO Brian Hartzer says this is putting additional pressure on banks to focus on costs.
Westpac, announcing a flat profit result of $8 billion over the full year, says slowing demand for housing credit is eating into banking industry revenue.
This is putting additional pressure on banks to focus on costs at a time when they have to maintain investment in operations, particularly technology, risk mitigation and restructuring.
All the major banks are facing challenges, says CEO Brian Hartzer.
Thats no surprise given the public attention thats been on banks and some of the issue…
Read the full article at: https://www.businessinsider.com.au/westpac-house-prices-bank-costs-2018-11