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People walk past the Bank of England

Jill Treanor

Business reporter, BBC News

Stress test results will be published tomorrow, along with the Bank of England's Brexit deal assessment.

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Australian bank slashes executive bonuses

Westpac logo on a building with traffic light showing a red signal in the foreground
Getty Images

One of Australia's biggest banks has cut the bonuses it pays to its executives by an average of 25% amid an ongoing public inquiry into the country's financial services industry.

Business Insider Australia crunched the remuneration numbers made available in Westpac's latest annual report, which discloses that the lender's 2018 financial year was a challenging one.

"The Royal Commission has highlighted that financial services organisations, including Westpac, need to do more to meet the needs of customers and the community," the lender said.

It described the wrongdoing exposed by the inquiry as "confronting" and said that Westpac "needs to continue to improve the way it prevents, detects and addresses misconduct."