Westpac's chief executive, David Morgan, last week confirmed that the bank was on track to meet its cash earnings per share growth target of 7-9%. This is despite falling equity markets and an expected slowdown in lending growth. In other news, the bank announced that up to 80 mid level managers would be sacked in the business and consumer banking division, saving up to $12m a year. On a forecast PER of less than 12 and a fully-franked yield above 5%, we're sticking with our BUY recommendation.