Finance Case Study

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FNSINC401A – APPLY PRINCIPLES OF PROFESSIONAL PRACTICE IN THE FINANCIAL SERVICES INDUSTRY ASSESSMENT 3 - CASE STUDY PART 1 a) A general description of the organization (including the financial services that it provides). Westpac Banking Corporation (Westpac) is one of the four major banks in Australia. It offers banking and financial services such as retail, corporate, commercial and institutional banking. Westpac was the first bank to be established in Australia. Westpac was founded in 1817 and started trading on 8th April as the Bank of New South Wales. With the merger of Commercial Bank of Australia, the name was changed to Westpac Banking Corporation. Westpac then affiliate with St. George Bank Limited. As of today, Westpac is very well established. Having branches throughout Australia, New Zealand and the near Pacific region including key financial centres around the world including London, New York, Hong Kong and Singapore. Westpac is grouped in the top 5 listed companies by market capitalization on the Australia Securities Exchange Limited (ASX). Westpac’s vision is ‘To be one of the world’s great companies, helping out customers, communities and people to prosper and grow’. b) The external forces that impact on the organization. Recent financial crisis threw the banking and finance industry off course. Westpac gave a long to a logging company on a small island on the Solomon Islands from 2010-2012. Westpac has lay off 800 Australian jobs, some of which were outsourced to India. Cutting over 800 local jobs in Solomon Islands may be exhausted by 2015. Westpac has reduced logging loans by 24% since 2009 because previous logging caused pressure on the natural environment, threats to local food security, breaches of human rights and violence within local communities. A restructuring to reduce the amount of internal support roles has

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