Peter King said with its compliance issues out of the way, the bank will slice its 80 technology systems down to 60, in a massive new, four-year IT project.
Westpac will ramp up investment spending to $2 billion a year as it finally attempts to rebuild its spaghetti-like technology platforms, and make up for 15 years of underinvestment since buying St George in 2008.
“This is a massive commitment for this organisation. There is a big goal here. But we have to do it.” Mr Mott suggested the project warranted a separate strategy session, which Mr King committed to sometime next year.
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