Westpac Banking Corporation Resets Its Wealth Strategy

  • Mar 19, 2019 AEDT
  • Team Kalkine
Westpac Banking Corporation Resets Its Wealth Strategy

Australia’s leading bank, Westpac Banking Corporation (ASX: WBC) is resetting its wealth strategy to support its customer’s insurance, investment and superannuation needs.

In an announcement made on 19 March 2019, the bank revealed that it is moving its wealth businesses into the Consumer and the Business divisions, realigning its capabilities into the lines of business where it makes most sense based on customer needs.  The bank also announced about the exit of its Advice Business which will remove the cash earnings loss from the Advice business. It is expected that these changes will result in $20 million (pre-tax) of productivity savings for the bank.

While commenting on the realignment of the BTFG businesses, the group’s Chief Executive, Mr. Brian Hartzer told that the bank is "realigning its capabilities into the lines of business where it makes most sense based on customer needs". According to him, these changes will allow the bank to pay more attention to areas where Westpac is having a competitive advantage.

While commenting on the exit of face-to-face personal financial advice in BT Financial Group (BTFG) Mr. Brian Hartzer told that this decision reflects the changing external environment under which financial advisers are operating independently.

The bank has also announced regarding the re-organization of Group Executive responsibilities. The bank has announced that its Consumer division will be led by the current Business Bank Chief Executive, Mr. David Lindberg who is an experienced banking executive and has been an outstanding leader of the Business Bank in the past few years. He is also an experienced retail banker who has worked across three Australian banks in various operational and strategic positions including as Westpac’s Chief Product Officer, responsible for product and digital across the Group.

The bank's business division will now be led by General Manager of Commercial Banking, Mr. Alastair Welsh who is an experienced business banker and has held senior roles across the Group for the past 26 years.

Currently, Mr. Brad Cooper is in charge of ensuring the smooth transition of BT’s businesses into their new divisions, however, he has recently indicated that he will soon leave the bank to seek a new leadership role outside the Group.

Now, let’s have a glance at the bank’s stock performance and how it has performed in the past few months. The stock traded at a price of $26.420, down by 0.377% during the day’s trade with a market capitalization of ~$91.43 billion as on 19 March 2019. The counter opened the day at $26.600 and reached the day’s high of $26.770 and touched a day’s low of $26.400 with a daily volume of ~ 6,856,327. The stock has provided a year till date return of 8.17% & also posted returns of -5.09%, 7.42% & 0.91% over the past six months, three & one-months period respectively. It had a 52-week high price of $30.440 and touched 52 weeks low of $23.300, with an average volume of ~ 6,422,017.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.



All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK