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Who knew what (and when) at Westpac? By Lachlan Maddock 05 May 2021 A potentially bloody legal stoush looms as ASIC looks to prove that Westpac had the inside run on the $12 billion interest rate swap that’s landed it in hot water.  Just a week ago, Westpac chief executive Peter King hailed a new era of success for the bank, which had finally put the messy AUSTRAC matter behind it after paying out more than a billion dollars in penalties. Now the bank stands accused of potentially illegal tactics in relation to the largest...

Allegations shine a light on debt markets The insider trading scandal facing Westpac couldn’t come at a worse time. But it looms as a complex test of how the complex, hidden world of debt markets and derivatives operates.  Updated Save Share When Westpac chief executive Peter King announced his grand cost-cutting plan on Monday, he made it clear that a key motivation was to end the bank’s run of ugly surprises from the past. The royal commission remediation, the AUSTRAC scandal that led to the departures of CEO Brian Hartzer and chairman Lindsay Maxsted, the ongoing risk culture...