Banks Down Under have further depths to plumb, says ClaraDFMarques
Australia’s Westpac Banking said on Nov. 26 that Chief Executive Brian Hartzer would step down and Chairman Lindsay Maxsted would bring forward retirement plans, after the country’s financial crime regulator accused it on Nov.
20 of breaching anti-money laundering laws.Chief Financial Officer Peter King, who was due to retire, will take over as acting CEO. He will stay in the role until a permanent replacement is appointed.Westpac shares were up 1.6%, at A$24.80, in midday Sydney trade, outperforming the wider market.
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