Shares in banking and finance giant Westpac Banking Corp (ASX: WBC) have kicked off the trading week up 0.5% to $27.88 despite news of whistle-blower reports that the bank’s wealth management arm lost the files of hundreds of customers it was providing with financial advice.
The Guardian Australia reported late last week Westpac’s BT Financial Group discovered the records loss while digitising records in 2013 with the bank admitting 215 customer files were found to be missing.
Big banks appeared to have been recovering from banking royal commission-related share price slumps of late, but things will likely look bleak for Commonwealth Bank of Australia (ASX: CBA) shares in the coming days after it was announced today the bank would pay $700 million to settle its money-laundering debacle – the largest civil penalty in Australian corporate history.
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Motley Fool contributor Carin Pickworth owns shares of Australia & New Zealand Banking Group Limited, Commonwealth Bank of Australia, and National Australia Bank Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.