Bank profits result in rising discontent

commonwealth-bank/westpac/chief-executive/

17 February 2010
| By By Caroline Munro |

Abacus Australian Mutuals has added to the rising discontent with bank profits, describing recent results as a "slap in the face to hardworking Australians".

In response to Westpac's first quarter profit announcement yesterday of $1.6 billion, which followed Commonwealth Bank's results last week of $2.9 billion, Abacus Australian Mutuals chief executive Louise Petschler encouraged bank customers to shop around for a better alternative.

"The recent results from Westpac and the Commonwealth make it abundantly clear that they put their shareholders before their customers," she said.

"The major Australian banks have been crying poor over the cost of funding then turn around and announce record profits. A strong retail banking system is a good thing for Australia, but these sorts of profits are a slap in the face to hard-working Australians."

She said it is about time bank customers said no and looked for an alternative, such as credit unions or mutual building societies.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS