Westpac has announced $4.6 billion cash profit and launched a ‘Bank Manager Blitz’ into local communities.

“What was all that fuss about the GFC?” the big banks must be wondering, as each week brings a fresh report of an Australian major bank’s profit of $3 or $4 billion, or more, throughout the last financial year.

With the government guarantees, small lenders have been pushed aside, and the Big Four now have it all to themselves. They also pocketed a good slice of the interest rate reductions that were meant for you and me and they have acted with lightning speed to push up rates as fast as they are announced.

Yes, you’ve got to love banks. They are player and referee at the same time. They write the rules of the game to suit themselves, then they announce their massive winnings and we all stand on the sidelines and clap our hands in wonder.

So while their profits are staggering, I suppose we should be grateful that they are so strong. They are also now making the same noises about ‘Customer Love’, as seen in the new ANZ logo and tagline (“We live in your world.” Really?) and the Westpac push to reopen closed branches and appoint 400 new bank managers across the country to establish some autonomy and reconnect with the local community.

Westpac has acknowledged that they made a mistake by shutting so many branches, and relying on automated facilities to replace people. Even loan applications are automatically scored, so it’s no wonder that the bank wants to get away from their ‘cookie cutter’ approach and hand back responsibility and a personal touch to their branches.

It remains to be seen whether these new branch managers will have much of a say in a banking system that seems set up to survive anything and that runs on its own terms, with customers being virtually powerless, with no real alternative other than picking one of the Big Four.

What’s one thing you can bank on? Westpac’s profit next year will exceed $5 billion. And don’t forget to smile, because they really do love you!