Public outrage was a factor in Westpac's purge - but it was a powerful group of investors who ultimately forced the bank's hand.
Superannuation giant HESTA has warned its support for reappointing Westpac directors will be influenced by whether the board can lay out a clear plan for improving governance and culture.
Westpac will let smaller investors withdraw orders to buy new shares raising investor fears the bank could be facing a tsunami of class action lawsuits.
Two proxy advice firms are recommending shareholders vote against the re-election of longstanding board member Peter Marriott.
The blood-letting at Westpac provides a new benchmark for corporate governance that other large companies will find uncomfortable.
Investors are warning Westpac's financial performance could be dragged down by leadership uncertainty and damage to public trust in the banking giant.
The money-laundering scandal engulfing the nation's oldest bank has sparked calls from Labor that they front a parliamentary inquiry to explain how the crisis occurred.
Brian Hartzer and Linsday Maxsted thought they could ride this scandal out. They were wrong.
Treasurer Josh Frydenberg has reassured Westpac customers that its financial stability is not at risk following the worst scandal to rock the bank in its 200-year history.
Relentless pressure proves too intense for Westpac's chief executive Brian Hartzer and chairman Lindsay Maxsted.
Westpac has announced chief executive Brian Hartzer will step down in the wake of the AUSTRAC scandal enveloping the bank.