Cashing in on the crisis (Westpac)

In the business world, crises don't come much bigger than the scandal engulfing Australia's oldest bank, Westpac, over allegations it breached anti-money laundering laws 23 million times and may have financed child pornography and exploitation. Fund manager Nathan Parkin, who was formerly deputy head of equities at Perpetual and is now investment director at Ethical Partners, is not convinced the damage will just be in the short term. "The shocking nature of the allegations, and especially the exploitation element, does affect the brand long term and could affect the flow of business in mortgages and deposits," says Parkin, who has been reducing his fund's already underweight exposure to Westpac in the days since the crisis began.