Westpac chief executive Peter King has set himself an ambitious cost reduction target in a plan to claw back market share from the other big banks.
Westpac’s profits recovered in the December quarter,and the lending giant joined rivals in saying the economy was on the mend.
Westpac chief executive Peter King acknowledged the prudential regulator's findings,saying the bank has"much more work to do"to address problems with its culture.
Bank chief Ross McEwan says Australia needs to develop a plan for living with the virus and warns Melbourne property prices could tumble as owners rush to sell as restrictions ease.
Westpac has axed its prized dividend for the first time in decades in a blow to self-funded retiree shareholders attempting to eke out returns during the recession.
Westpac chief executive Peter King says the bank will work to set clear risk boundaries for decision making and provide extra training for staff.
Among the departures,consumer banking chief David Lindberg is leaving after only 14 months in his current job running the bank's flagship retail division.
Westpac chief executive Peter King has signalled the bank is highly unlikely to raise capital at next week's profit results.
In an email to staff on Friday Westpac's new boss Peter King has vowed to deal with the serious problems raised by AUSTRAC as he tries to bring about stability.
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.