Westpac shows how banks are mortgage war casualties
Peter King says Westpac is hunting growth. But he won’t find it in old-fashioned mortgages and deposits, where returns have been brutally competed away.
Peter King likes to call it Westpac’s “eyes are up” moment.
After five long years, the bank has finally ticked off a staggering 354 items on the turnaround plan launched following its ugly AUSTRAC scandal. King claims that from the board down, Westpac is a better and simpler company and his staff are relishing the chance to think about growth again.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
