"We expect the commissioner to target culture, conduct and remediation process," banking analysts at Macquarie wrote in a note to clients on Friday. Bank shares were trading slightly lower on Friday morning, with shares in Westpac, the second-largest lender, dropping almost 1 per cent after it revealed on Thursday that cash earnings would fall by A$235 million (S$231.8 million) due to customer refunds and provisions for litigation. Since its first public hearing in February, the inquiry has exposed a litany of bad behaviour by all four big banks dominating the mortgage market, including Westpac, Commonwealth Bank of Australia, Australia and New Zealand Banking Group and National Australia Bank. Listed wealth manager AMP Ltd has been the worst hit by the revelations. The company lost its CEO, half its board and billions in market value over accusations it charged customers fees for no service and then worked at the board level to deceive a regulator about it.