Structural changes at Westpac
Gail Kelly
Westpac Banking Corporation has announced key changes to its organisational structure that will see its Business Financial Services and Consumer Financial Services divisions brought together into a single entity.
The changes, announced by chief executive Gail Kelly, will see the new entity, Westpac Retail and Business Banking, responsible for all consumer, small to medium enterprises and commercial customers.
The bank has also centralised its product and process design functions under a new Products and Operations division, while its technology has been placed under a dedicated division.
It said that as a result of the changes, its Business Technology Solutions and Services division would no longer exist, with its group executive Diane Sias having made the decision to leave Westpac.
The new head of the technology division is former Commonwealth Bank chief information officer, Bob McKinnon.
AUTHOR
Mike Taylor
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
