The combined Westpac business unit is going to be split into two, each with its own CEO
Australian Westpac Banking Corp today announced a restructuring to simplify the bank’s operations and support the next strategic growth phase.
The banking group appointed two separate executives to lead the newly-formed Consumer Banking and Business Banking units. Namely, Jason Yetton will become CEO of the consumer division, while Anthony Miller will be responsible for business and wealth operations. The current CEO of the combined consumer & business unit, Chris de Bruin, decided to leave the group and pursue new career opportunities.
As for the other changes in leadership positions, Westpac also promoted Nell Hutton to the head the institutional bank unit.
The restructuring of the banking group was first announced in November 2021, when Westpac set an ambitious goal to reduce its cost base to AU$8 billion by 2024. The changes started with reducing the bank’s corporate functions by around 20% in an effort to create more focused and lean head office.
Later on, Australia’s second-largest mortgage lender confirmed it stays true to the cost-cut commitment. Moreover, it becomes crucial in face of an upcoming economic slowdown and rise in interest rates.
Earlier this year, Westpac introduced new measures to help female-led SMBs with dedicated start-up and scale-up loans, as research reveals accessing finance is one of the main challenges for women in business.
