Westpac Shares slide despite $3.5b off-market buy-back
- Shares in Westpac (WBC) took a dive today after the bank revealed big margin cuts and still-high expenses in its full-year results
- For the 2021 financial year, Westpc reported cash earnings of $5.35 billion — just below expectations
- Competition is likely to put further pressure on margins, but CEO Peter King reiterated his commitment to cutting company’s cost base to $8 billion by 2024
- In addition to a final dividend of 60 cents per share, the platform also unveiled an off-market share buy-back worth up to $3.5 billion
- Shares in Westpc were down 7.36 per cent today, closing at $23.78 each.
