Westpac chief executive Peter King is proud of the fact his bank is back in the mortgage game. But the interim profit result shows it came at great expense.
On the wall beside chief executive Peter King’s desk at Westpac Banking Corp’s head office in Sydney are two framed documents summarising the bank’s values and strategic goals.
Both documents were written by King as a way of giving clear direction to senior management and Westpac’s 38,000 staff as to how King expects to lead the country’s oldest bank out of an earnings trough of its own making.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
