On 6 November Westpac, Australia’s 2^nd biggest bank by market capitalisation, announces that cash profit fell 15% to A$6.85bn in 2019. Its worst financial results in a decade follow costs linked to a public inquiry into misconduct, a faltering economy and low interest rates. The bank intends to raise A$2.5bn capital through an equity raising, to ensure it complies new regulations on bank balance sheets. Australia’s prudential regulator expects the country’s big four banks — Commonwealth Bank of Australia, Westpac, National Australia Bank (NAB) and ANZ Bank — to have a common equity tier one ratio of at least 10.5%. The same week NAB reports a 10.6% drop in full-year cash profits to A$5.09bn. The Big Four face regulatory headwinds based on findings by Australia’s Royal Commission inquiry into misconduct across the financial sector.