Nell Hutton, incoming CEO WIB
Westpac’s sluggish loan growth over the last 14 months has forced chief executive Peter King to ring changes to his senior executive team and structure.
Under a revamp announced yesterday, the head of Westpac’s business and consumer banking divisions, Chris de Bruin, will depart the bank and his position will be re-allocated to several executives.
Jason Yetton, who recently oversaw the spin-off of non-core operations of the group, will take charge of consumer banking, while Anthony Miller, the current head of the institutional bank, will lead the business banking arm.
The reorganisation of responsibilities within the senior executive group is expected to take effect from the first week of August.
Westpac has been losing market share in key product markets across the business and consumer banking divisions in the last 14 months, according to official data published by APRA.
The bank’s declining competitive position has been most apparent in business lending.
In the 14 months to the end of June, Westpac grew total lending to non-financial businesses by only 6.8 per cent compared to the system growth rate of 11.1 per cent.
If the growth trajectory in business lending against major bank peers does not improve in the next 24 months, then Westpac is likely to be surpassed by ANZ as Australia’s third largest business lender.
King avoided reference to the market share losses in a statement issued last night but noted the executive revamp was implemented to put a focus on growth.
“I want to thank Chris for his contribution to the bank,” King said.
“In particular, he’s led the digitisation of the consumer bank, including the delivery of major initiatives such as the digital mortgage and payment solutions.
“The new structure will give the leadership team a greater focus on growing their businesses and delivering for customers.”
King’s overhaul will result in another woman joining the senior management team, with Nell Hutton promoted to the top role at Westpac Institutional Bank.
Hutton, who joined the bank only two years ago from Goldman Sachs, is currently the managing director of Westpac’s global financial markets arm.
Other changes include an expanded role for Carolyn McCann as head of the shared services division.