Westpac chief executive Brian Hartzer says the new management structure will improve accountability.Credit:Louie Douvis
The consumer banking division led by Mr Frazis will account for about a third of the group's total profits,and include the consumer-facing arms of Westpac,St George,Bank of Melbourne,BankSA and RAMS.
Mr Hartzer has also promoted David Lindberg,previously chief product officer,to lead a new division focused on commercial and business banking,a priority growth market.
The restructure will result in the departure of one of the bank's most senior executives,Jason Yetton,who until now ran Westpac's business and retail banking arm.
In folding Westpac and St George into the same division,Mr Hartzer said he would improve the bank's ability to respond quickly to customer needs,and lift executives'accountability for delivering on his pledge to make Westpac"one of the world's great service companies".
With revenue slowing,Mr Hartzer is also facing calls from the market to rein in costs,and the changes are also designed to remove duplication.
When asked if the restructure would affect staff numbers,Mr Hartzer said there may be some"efficiencies"but front-line staff would not be affected.
"It will help us to accelerate the bringing together of common processes while preserving the strength of the different brands,that will give us efficiencies,"he said.