The Westpac Banking Corp (ASX: WBC) share price has slipped into the red on Wednesday.
In morning trade, the banking giant's shares are down 0.5% to $21.33.
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Why is the Westpac share price falling?
There appear to be a couple of reasons why the Westpac share price is falling today.
The first is broad market weakness following a poor night of trade on Wall Street. This has seen the ASX 200 index fall 0.2% to 7,343.8 points this morning.
In addition, the release of an announcement from Australia's oldest bank may not be helping matters.
What was announced?
As readers may be aware, Westpac is currently simplifying its business by divesting non-core assets.
And while it has completed the divestment of a total of nine businesses, it is having problems finding a buyer for its BT Platforms business.
According to the release, Westpac has concluded a competitive sales process for BT Platforms without a deal in place.
BT is one of Australia's leading platform providers with $131 billion in funds under administration. It supports more than 350,000 investors and has relationships with almost half of Australia's financial advisers with more than 7,800 active advisers using its platforms. It comprises the BT Panorama and Asgard platforms.
Westpac will now retain and continue to invest in the business. This includes the development of features to improve the adviser and investor experience, as well as the ongoing simplification and improved efficiency of its operations.
The Westpac share price is down almost 9% year to date following today's decline.
