Former Westpac chief Bob Joss says although it was necessary for Lindsay Maxsted and Brian Hartzer to take public accountability, it may not end up being the best outcome for the bank.
From Left, ANZ chief Shayne Elliott, Westpac chairman Lindsay Maxsted, former CEO Brian Hartzer, UniSuper chair Ian Martin, head of AUSTRAC Nicole Rose, former Westpac CEO Bob Joss. David Rowe
The Westpac money laundering scandal unleashed shock waves that reverberated not only through the upper echelons of the country's banking fraternity but even stretched as far as Texas, where a holidaying Bob Joss kept a close watch on the disaster unfolding in his former bank.
The tremors from the Westpac blunder – which claimed boss Brian Hartzer and chairman Lindsay Maxsted as casualties – were felt most keenly by those closest to the epicentre. The bosses of Westpac's three main rivals read, or received detailed briefings, on the shocking allegations against Westpac made by the financial intelligence agency AUSTRAC in its 47-page statement of claim.
