WBC - Westpac Banking Corporation

[Waltzing]

Yesssss Weeelll..

Lets see it reminds of Danny Carvey doing Jimmy Stewart.

https://www.youtube.com/watch?v=axZj8noY0fo

[Sithalith]

Why is Westpac in some kind of free fall? I'm a Newbie but thought this was a safe bet, was up 25% a few months ago, now in the red 😐 Good time to buy more?

[Grimy]

I bought more again at $24.30. This is cheap. Even if they miss their cost cutting target they produced a lot of cash and even more after hitting the gym a bit. Happy to add more

I'm also happy to add some more, but looking like there is no rush (that goes for most on my watchlist.....).

[Waltzing]

They have a lot of work to do to rebuild investor confidence after being badly exposed to mal practise. It will take a bit of time for the market to trust this brand. Price should stay down for a while one hopes until NIM build later next year.

[Arbitrage]

Yes I went in on this share yesterday. Looking back over the past 5 years the share price trend has been generally downward. WBC has not had the best risk management processes over the years - some may remember Lane Walker Rudkins shambles. This must reflect on the management. However the share price seems low so may be worth a punt. Still it is a cheap ozzie bank and pays dividends so I am banking (sorry for the pun) on an upside.

[RTM]

Yes I went in on this share yesterday. Looking back over the past 5 years the share price trend has been generally downward. WBC has not had the best risk management processes over the years - some may remember Lane Walker Rudkins shambles. This must reflect on the management. However the share price seems low so may be worth a punt. Still it is a cheap ozzie bank and pays dividends so I am banking (sorry for the pun) on an upside.

Yes...agree. I doubled down last week. Can't go much lower...can it ?
Fingers crossed.

[Toulouse - Luzern]

WBC have lost 3 out of 3 at least class actions by Law Firms and Financiers on a no win ho fee basis for the mal practise issues exposed by the Royal Commissioner into banking
Another is in process on behalf of shareholders in respect of failures in communication, risk management and anti money laundering processes.

[Sideshow Bob]

WBC have lost 3 out of 3 at least class actions by Law Firms and Financiers on a no win ho fee basis for the mal practise issues exposed by the Royal Commissioner into banking
Another is in process on behalf of shareholders in respect of failures in communication, risk management and anti money laundering processes.

And still trading higher than a year ago.....

[Grimy]

Yes...agree. I doubled down last week. Can't go much lower...can it ?
Fingers crossed.

I'm still waiting for it to retrace to around $20 (last topped up at $19.74 in October last year). There seems to be a never-ending list of bad news with WBC, so happy to wait a while longer.

[Arbitrage]

After todays efforts, hopefully the chart trend is changing upwards. Morningstar has it as a buy....