October 23, 2019 / 4:34 AM / a month ago

Australia's Westpac to take $233 mln hit from remediation charges

Oct 23 (Reuters) - Australia’s No. 2 lender Westpac Banking Corp on Wednesday said its cash earnings in the second half of 2019 will be reduced by about A$341 million ($233 million) due to customer remediation programmes.

Besides the charges relating to customer remediation programmes, costs related to the previously announced wealth reset will reduce second-half earnings by another A$36 million, the lender said in a statement.

$1 = 1.4626 Australian dollars Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Tom Hogue

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