Westpac lures Deutsche exec Anthony Miller to head up institutional arm

Westpac has confirmed Deutsche Australia boss Anthony Miller as the new head of its institutional bank.

Anthony Miller has resigned as Deutsche Bank's Australian chief executive. Picture: James Croucher

Westpac has announced Deutsche Australia boss Anthony Miller as the new head of its institutional bank. Teh news came on Thursday after Deutsche confirmed the resignation of Mr Miller in a memo to staff late on Wednesday, with the veteran banker to take on a new role “outside of the bank”. Deutsche also named Glenn Morgan as interim CEO.

“After three years as CEO for Deutsche Bank in Australia, Anthony Miller has communicated has decision to leave the bank. Anthony goes with our best wishes to take on a new role outside of the bank,” staff were told.

“I’m delighted to welcome an executive of Anthony’s calibre to the Westpac team,” Westpac CEO Peter King said in an announcement. “Anthony has extensive global experience in institutional banking and, with his international background, will also bring broader risk management experience to the team.” A one-time commercial lawyer, Mr Miller will start in the role later in the year, subject to regulatory approval.

Mr Morgan has been with Deutsche for more than a decade and was recently head of equities for Australia. Deutsche said it would confirm the permanent chief executive for Australia and New Zealand business shortly.

Westpac has been looking for a new head of its institutional bank after the retirement of Lyn Cobley was announced in May. The appointment marks a further rebuild of Westpac’s executive ranks under new chief executive Peter King. Last week the bank named KPMG partner Michael Rowland to fill the vacant position of chief financial officer.

Meanwhile, Westpac named Jason Yetton, who was recruited to the new role of chief executive, specialist businesses, responsible for Westpac’s superannuation, life insurance and wealth platform businesses.

The board and management of Westpac were up-ended after Austrac lodged Federal Court proceedings against the bank last November, alleging millions of breaches of anti-money laundering laws.

The promotion of then-CFO Mr King to acting chief executive late last year, and later to the permanent role, was followed by a brace of resignations.

Westpac’s institutional bank last financial year generated $1bn of the bank’s $6.8bn of cash earnings.

Deutsche on Wednesday emphasised continued momentum in its local franchise, despite its Frankfurt, Germany-based parent coming under intense pressure over the past year.

“Australia continues to be a key market for our Asia Pacific business with excellent connectivity to our global platform,” Deutsche said. “Recent transactions for our diverse set of clients – including AirTrunk, Vodafone, Resolution Life and The Australian Office of Financial Management – highlight the breadth of our businesses and our ability to deliver across different product areas and geographies”.