Australia's Westpac Banking Corp said on Tuesday its CEO will step down and...
) said on Tuesday its CEO will step down and its chairman will bring forward his retirement as a money-laundering scandal rocks the country’s second-largest retail bank.
It also demonstrates the power of political and investor pressure on the sector. Since the country’s financial crime regulator accused Westpac of enabling 23 million payments in breach of anti-money laundering laws, including between known child exploiters, the prime minister has led calls for the bank’s board to weigh the CEO’s future.
In interviews with local media at the weekend, Maxsted had said firing Hartzer during the crisis would be destabilizing for the bank. “I think it’s welcome, I think it’s appropriate,” Health Minister Greg Hunt said on Sky News, minutes after the Westpac announcement. “The prime minister was absolutely clear when these revelations came out that the board had to reflect on the leadership.”
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