Westpac

Westpac (ASX:WBC) is preparing for job cuts in an effort to cut costs as bad debts and cautious retail customers plague the big bank.

Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) yesterday slashed their rates for fixed home loans after predicting that the Reserve Bank's next rate will go down.

Inflation aside, Westpac (ASX:WBC) still expects interest rates to drop next adjustment.

Yesterday's inflation numbers caused economists to predict a rate hike before the end of 2011. The consumer price index rose 0.9 percent, far above the Reserve Bank's target quarterly rate. The dollar rose US1.5 cents to a record US$1.108 last night.

Banking giants ANZ Bank (ASX:ANZ) and Westpac (ASX:WBC) are getting ready to shift jobs to Asia in a cost-cutting effort. Up to 250 jobs may be affected in the move to boost profit growth. ANZ plans to move around 100 jobs while Westpac could send 150 positions abroad.

Westpac's (ASX:WBC) future profits can be threatened as its institutional banking business copes with cut-throat competition from major banks and a nearly stagnant demand for credit. Institutional bank profits are expected to drop at least 4 percent this year and 3 percent in 2012, according to a report from Morgan Stanley.

Westpac (ASX:WBC) has received regulatory approval to open a branch in Beijing. The branch opens on June 29 and is located in the World Finance Centre in Beijing's central business district.

Australia's second-largest lender by value also plans to open two more China branches in the medium term. The two branches are in addition to the Shanghai branch which opened in 2008, the first Westpac branch in China.

Commonwealth Bank (ASX:CBA)and Westpac (ASX:WBC) cancelled a number of credit cards due to a potential security breach. Both banks confirm that the cards had been compromised and may leave them vulnerable to fraud.

Shares from National Australia Bank's (ASX:NAB), Westpac (ASX:WBC), ANZ Bank (ASX:ANZ), and Commonwealth Bank (ASX:CBA) plummet as

Banking giant Westpac (ASX:WBC) announced today that chairman Ted Evans will step down in December and will be replaced by director and former KPMG boss Lindsay Maxsted. Evans, a former Reserve Bank of Australia director, took over the Westpac board in 2008.

Westpac (ASX:WBC) rejected claims of opposing carbon pricing and maintains that they support the government's plan to a greener economy by placing a price on pollution. Chief executive Gail Kelly stated that "Our position with regard to carbon has been consistent and been a long-held position."