As The World Turns
(Spins)

Gave a speech (no slides) for Westpac yesterday in Auckland. The Aussie-based bank was #100 in market cap in the world a few months ago. Now it's the world's #8.

FYI: Westpac is the same bank it was a few months ago—no acquisitions or other forms of expansion. Westpac didn't grow; the others have shrunk or evaporated.