Since the start of October, Westpac had rallied almost 17% making it the best performing major bank over this period. So on the basis of the old axiom “buy the rumour, sell the fact”, it was no surprise to see it fall today by around 3% when it delivered an “as expected” full year financial result. Moreover, there was nothing in the result to suggest that Westpac was in a position to rise up in the bank “pecking order”.