- Lenders provide 650,000 UK businesses with £27.5bn in finance through COVID-19 schemes
- UK lenders approve almost 1.5million payment holidays on credit cards and personal loans
- Scope says UK banks to manage through challenging times with regulatory encouragement
- Latest Lloyds Bank Business Barometer says business confidence falls to record low as economic shutdown continues
- Mastercard says 78% of all transactions across Europe are now contactless
- Research indicates 56% of consumers more likely to use contactless as their preferred spending method when thinking about future trips abroad
- Auriga's Mark Aldred comments on the future need for ATMs in the UK expired
- Reinhart appointed as the new Vice President and Chief Economist of the World Bank Group expired
- S&P Global publishes article headed "Islamic Finance And ESG: Sharia-Compliant Instruments Can Put The S In ESG" expired
- High-income households willing to take on riskier post-COVID-19 investments, says GlobalData expired
- Moneyfacts says fixed bond rate gap tumbles as one-year attracts expired
- Northpointe Bank named a top-performing bank in the US again by the ICBA expired
29th November 2019
Westpac CEO steps down amid money laundering scandal
In the wake of the AUSTRAC Statement of Claim, Westpac’s Group Chief Executive Officer (CEO), Brian Hartzer is stepping down, with current Chief Financial Officer (CFO), Peter King taking over as acting CEO, effective 2 December. Current Chief Operating Officer, Gary Thursby will act as CFO.
Mr Hartzer said: “As CEO I accept that I am ultimately accountable for everything that happens at the Bank. And it is clear that we have fallen well short of what the community expects of us, and we expect of ourselves.”
In addition, long-standing Director, Ewen Crouch has decided he will not seek re-election at the upcoming Westpac AGM. Mr Maxsted has also confirmed he will bring forward his retirement as Chairman to the first half of 2020.
“The Board accepts the gravity of the issues raised by AUSTRAC,” Mr Maxsted said. “As was appropriate, we sought feedback from all our stakeholders including shareholders and having done so it became clear that Board and management changes were in the best interest of the Bank.
“Peter King has been appointed Acting CEO until a global search process for a new CEO is completed. Peter has had a long and distinguished career at Westpac and has been the CFO since 2014. He is the right choice to provide stability and direction to the Bank and its people.
“He is an executive of exceptional integrity who is deeply respected by the market and the entire Westpac team. The Board has asked Peter to focus on two immediate priorities: to implement the Westpac Response Plan and to continue to execute the Group’s broader strategy.
“We are determined to urgently fix these issues and lift our standards to ensure our anti-money laundering and other financial crime prevention processes are industry leading. We are currently working through our response to the Statement of Claim and will shortly commence the independent review. The Board will continue to provide updates on these issues."