Westpac’s de Bruin departs, exec reshuffle under way
Westpac’s consumer and business banking boss, Chris de Bruin, has resigned after Westpac struggled to win market share in the ultra-competitive home loan market against rivals ANZ and Macquarie.
Mr de Bruin’s departure was prompted by a restructure of the business: institutional boss Anthony Miller will take over the business banking portfolio, while former Goldman Sachs partner Nell Hutton will take over the institutional bank.
Westpac’s Chris de Bruin called on the government to improve the digital identity system. Louie Douvis
Head of specialist businesses Jason Yetton is returning to lead the retail bank, a job he held under former CEO Gail Kelly.
It puts Mr Yetton and Mr Miller in the frame to succeed chief executive Peter King when he eventually resigns, though Mr Miller is considered the favourite.
Mr King said splitting the consumer and business portfolio’s would “sharpen our focus”, and added that the specialist businesses division that Mr Yetton had led would be eliminated.
He thanked Mr de Bruin for his contribution to Westpac
“He’s led the digitisation of the Consumer bank, including the delivery of major initiatives such as the digital mortgage and payment solutions. He’s also driven our branch co-location strategy and strengthened the franchise. Chris will assist with the transition to the new structure,” Mr King said.
The organisational changes will take effect from August 1.
Mr Miller has led Westpac’s institutional bank for almost three years. Natalie Boog
The bank appointed Mr de Bruin as the head of the consumer bank in 2020, poaching him from Dubai-based financial institution Deem. Prior to that, he was an executive at Standard Chartered Bank in Asia and the Middle East.
Mr de Bruin’s exit after
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