Notably Westpac will also be writing down Westpac Life Insurance Services and its Auto Finance business to the tune of $568 million after tax.
The bank said the global coronavirus pandemic has pulled value from some of the technology Westpac would use and sell to other businesses. "Following a review, the valuation of our life insurance business did not support the carrying value of its intangibles and so they have been written down. The cost of this write-down was $406 million," the bank said in a statement.The bank said the global coronavirus pandemic has pulled value from some of the technology Westpac would use and sell to other businesses.
"The impact of COVID-19 on asset values combined with the previously announced review of capitalised software has contributed to an impairment of capitalised software for some IT systems.Westpac's stock is currently trading at $18.76, having fallen 0.11 per cent since the announcement.
but i bet the executives got their money
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