Westpac is the world s most profitable bank, according to a survey by Boston Consulting Group. This is terrific news for shareholders, but may make Westpac s customers wonder who is paying for these record profits.
The survey also found the Australian banking sector to be the most lucrative in the world. With recent news about escalating ATM fees and job layoffs, this may come as no surprise to consumers.
Meanwhile, if you ve stashed your covert monies in a Swiss bank account, now might be a good time to reassess your options. UBS has agreed to divulge details of American account holders to US authorities investigating tax evasion, thus ending a centuries-old tradition of secret accounts management, and no doubt creating disappointment for espionage screenwriters everywhere.
Stocks for your watchlist:
- Westpac: WBC.AX (ASX); WBC.NZ (NZX); WBK.N (NYSE)
- Commonwealth Bank: CBA.AX (CBA)
- National Australia Bank: NAB.AX (ASX); NAB.NZ (NZX)
- Bank of Queensland: BOQ.AX (ASX)
- Australia and New Zealand Banking Group: ANZ.AX (ASX); ANZ.NZ (NZX)
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