Westpac chairman Lindsay Maxsted has stood by chief executive Brian Hartzer, ordering an independent review of the bank's money-laundering breaches, and pledging to work with community groups to fight child exploitation.
Mr Maxsted spent most of Friday locked in an emergency meeting and emerged to declare the Westpac board "unreservedly apologises" for the horrifying material identified by the regulator on Wednesday.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
