Mr Herbert is currently Chief Operating Officer, Business & Wealth and will replace Anthony Miller, who begins as Westpac CEO on 16 December.

Mr Herbert is a seasoned banking executive who joined Westpac in 2020 after an extensive career at HSBC including as COO, Asia Pacific, Retail Banking & Wealth Management.

“Peter is an accomplished, engaging and accessible leader who has built a culture of innovation since joining Westpac,” Mr King said.

“He will provide stable and experienced leadership to the Business & Wealth division when Anthony steps into my role at the end of the year.”

“This change will also allow Anthony to spend time with me in a handover period before he begins as CEO.”

Peter Herbert will act in the position while a global search is undertaken for a permanent Chief Executive, Business & Wealth.

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Anthony Miller

The Westpac Board of Directors has announced the appointment of Anthony Miller as Group CEO and Managing Director, commencing 16 December 2024.

Mr Miller, currently Chief Executive of Westpac’s Business & Wealth division, will succeed Peter King, who will retire after a 30-year career at Westpac including five years as CEO.

Westpac Chair Steven Gregg said Mr Miller is the right person to take the company into a new era.

“Anthony is an exceptional leader. He’s an individual of integrity and he’s ready to lead Australia’s oldest company. He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years,” Mr Gregg said.

“Anthony is ambitious for the future of Westpac and its customers. Since joining Westpac in 2020, he’s put the Institutional Bank on a path to reclaiming its leadership position. He’s spent the past year leading Business & Wealth, restoring growth and focusing on customers.”

Prior to joining Westpac Mr Miller was Deutsche Bank’s CEO of Australia/NZ and Co-Head of Investment Bank, APAC. He also spent 16 years at Goldman Sachs, including as Partner.

“In our search for a CEO, we looked for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market,” Mr Gregg said.

“Anthony is that executive. He has a vision to return Westpac to a position of leadership and build on the foundational work of the past five years. As an internal appointment Anthony knows what needs to be done and will move at pace, ensuring a seamless transition.”

Mr Miller said he’s honoured by the appointment.

“Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians,” Mr Miller said.

“I’m excited by the opportunity and I’m grateful for Peter’s significant contribution as CEO. My aspiration is to build on that work and unleash Westpac’s true potential.

“I want Westpac to be a bank built on trust and reliability – always there to help our customers through every one of life’s moments.

“I’m committed to growing the bank safely and sustainably, completing the Customer Outcomes and Risk Excellence transition and delivering UNITE, our business and technology simplification.”

Chair Steven Gregg thanked Peter King for his decades of service to Westpac.

“Peter has done an outstanding job as CEO of Westpac,” Mr Gregg said.

“He stepped in at a very difficult time in 2019, steering the company through several regulatory challenges and the COVID pandemic. Since then, Peter has provided much-needed stability to the bank while transforming risk management. He simplified the company’s portfolio of businesses and returned it to growth in key divisions. He’s now begun the critical task of technology simplification, which will continue under Anthony.

“Peter’s time as CEO will forever be defined by his courage and commitment to Westpac. He leaves a significant legacy and we owe him a great debt of gratitude,” Mr Gregg said.

Mr King welcomed the appointment of Mr Miller as his successor.

“Anthony will make a great CEO. In his time at Westpac he’s proven he has what it takes to deliver for customers, employees and shareholders. He’s an experienced banker, with customers at the heart,” Mr King said.

“As a result of the hard work completed over the past five years, Westpac is now a simpler, stronger bank, with an improved risk culture. The company is well-placed for its next phase under Anthony.”

Mr Miller holds a Bachelor of Laws from Queensland University of Technology and a Bachelor of Arts in Modern Asian Studies from Griffith University.

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Peter King

Westpac has unveiled a new security feature which seeks to significantly reduce customer scam losses.

An Australian-first innovation, Westpac SaferPay will alert customers to potential scams through a series of questions which will be presented for new payments detected to have high scam risk. If customer responses suggest the payment is highly likely to be a scam, Westpac will not allow the payment to be processed.

Westpac SaferPay is powered by Artificial Intelligence (AI) and integrated into Westpac’s sophisticated fraud detection systems to help identify red flags without disrupting genuine payments.

Westpac CEO Peter King says the new feature seeks to save customers millions of dollars in scam losses.

“While our prevention measures have led to a considerable drop in customer losses over the last year, fraudsters are still taking millions of dollars from our customers each month – particularly through fake investment offers, impersonation calls and texts, and intercepted emails,” Mr King said.

“Westpac SaferPay presents customers with a series of questions in instances where we detect a payment has high scam potential. The presented questions will vary for each customer, tailored based on the information the customer provides.

“This innovation is the first of its kind in Australia and will add important friction to payments deemed to have high scam risk.”

Late last year the Australian banking industry came together to launch the Scam Safe Accord, an initiative to provide better scam protection for customers.

“The Scam Safe Accord is a significant step forward to ensure Australians are afforded the same protections no matter who they choose to bank with,” Mr King added.

“But to truly make Australia a hard target for scammers, we now need to apply the same protection across the entire scam ecosystem. So long as scammers can freely operate across mobile phones, web browsers and social media platforms, Australians remain vulnerable to scams.

“We welcome the work underway by the Federal Government on a mandatory industry code that considers a whole-of-ecosystem approach to effectively tackle this problem.”

Westpac SaferPay will first be available for payments made through Westpac’s mobile banking app. The capability will be extended to online banking in the coming months.

Westpac has saved customers over $400 million from being lost to scammers over the past two years and has invested more than $100 million in new detection and prevention measures. This includes:

• Cryptocurrency blocks – for payments to certain high-risk digital currency exchanges.
• Westpac Verify – alerts customers if there is a potential account name mismatch for payments to a new BSB and account number. An enhanced Westpac Verify capability will be rolled-out later this year, providing customers with risk indicators when new payee details are entered into online or mobile banking.
• Call spoofing measures – added 94,000 Westpac numbers to the ‘Do Not Originate’ list preventing scammers from impersonating the bank’s phone numbers
• Sophisticated detection technology – advanced behavioural tool helping combat remote access scams.

How Westpac Saferpay works

• When making a payment, customers will be presented with a series of dynamic questions in instances where the payment is considered a higher risk of being a scam.
• The questions will be activated if Westpac’s fraud systems detect a potential scam after payment details are entered into their online or mobile banking.
• If customer responses suggest the payment is highly likely to be a scam, Westpac will not allow the payment to be processed.
• The questions will continue to be adapted over time for added security as well as flexibility to quickly respond to new or emerging scam trends.

Latest scam insights ^[1]

• Customer scam losses are tracking 32% lower in FY24 with total monthly cases down 37%^[2].
• Losses in January 2024 have reduced by more than half compared to losses in January 2023.
• In January 2024 Westpac recorded its lowest month of scam losses since August 2021.
• The top scam types driving losses in 2024 are investment scams, business email scams, remote access scams, romance scams and buying & selling scams.

————
Notes:
[1]  Westpac customer scam data.
[2] Losses from FY23 YTD (Oct’22 – Feb’23) compared to FY24 YTD (Oct’23 – Feb’24).

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Peter King

Westpac has joined forces with Australian banks to implement an industry-first Scam-Safe Accord which will provide better protection for customers in the fight against scams.

An initiative led through the Australian Banking Association (ABA) and Community Owned Banking Association (COBA) the accord outlines six key initiatives all Australian banks have agreed to implement to improve scam protections across the sector. This includes investing in a new confirmation of payee system to be rolled-out across all the banks.

Westpac CEO and ABA Chair Peter King will join Assistant Treasurer and Minister for Financial Services Stephen Jones, ABA CEO Anna Bligh, COBA CEO Michael Lawrence and COBA Chair Elizabeth Crouch at Westpac’s offices this morning to launch the initiative and says this is a significant step forward in making Australia a hard target for scammers.

“Falling victim to a scam can have devastating and life-changing consequences. Today we are sending a clear message to these criminals that they have no business being in Australia and we are doing more to stop them from ripping off our customers,” Mr King said.

“This will be one of the biggest technical uplifts for Australian banking in recent times and means Australians with bank accounts will be significantly more protected from scams.”

The six key measures outlined in the Scam-Safe Accord include:

• an industry-wide confirmation of payee solution
• biometric checks to prevent misuse of bank accounts
• warnings and payment delays to alert customers to potential scam payments
• a major expansion of intelligence sharing across the sector
• limiting payments to high-risk channels
• implementing an Anti-Scams Strategy.

Westpac has already implemented or started rolling out protections for all six initiatives with additional measures coming in the following months. This will include becoming the first Australian bank to introduce real-time payment prompts, presenting customers with a series of dynamic questions for payments detected to be a higher scam risk, as well as enhanced account name checking capabilities through Westpac Verify*.

“Westpac has continued to invest in uplifting its scam detection and prevention measures which has stopped customers losing $235 million in the last year and sees us now detecting over 60 per cent of all cases,” Mr King added.

“This has included rolling out blocks for some digital currency exchanges with high scam potential and launching our Westpac Verify account name checking capability, alerting customers to potential account name mismatches when transferring money to a new payee.

“While we’ve seen the considerable impact these measures have had in preventing losses, we know we cannot do it alone. The action plan will help level the playing field and ensure customers are afforded the same protections no matter who they choose to bank with.

“But banks are still only one link in the chain. We now also need to think about how we apply this same level of protection to every mobile phone, every web browser and every social media page in the country to be as effective as possible and ensure Australia is a hard target for scammers.”

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Peter King

Westpac has announced new digital payment security features to help combat scam losses.

In an Australian banking first, Westpac will integrate its sophisticated fraud detection systems with its digital payment platforms to help customers identify potential scams through real-time payment prompts.

The prompts will be activated when customers enter payment details in online or mobile banking which the bank detects to be a higher scam risk. In these instances, customers will be asked a number of questions to help better assess the scam risk. If customer responses suggest the payment is highly likely to be a scam, Westpac will not allow the payment to be processed.

“The prompts will inject important friction into the payments process, helping alert customers ‘in the moment’,” said Westpac Group CEO Peter King.

“Prompting customers in real-time with a series of questions will allow us to intervene on payments that we detect are particularly higher risk. This is about helping customers spot potential red flags before any funds have actually been sent.

“The questions will be dynamic and tailored based on the circumstances of each payment to ensure an effective assessment of the scam risk. We’ve seen examples of this implemented in banks overseas with really successful results.

“This will add less than a minute to the payment process, but it could save a customer much more than that if they are being targeted by scammers.”

Westpac will also be enhancing its existing Westpac Verify feature, which alerts customers if there is a potential account name mismatch for payments to new BSB and account numbers, or when money is being transferred to an account Westpac has never transacted with before.

When customers enter a new payee into their online or mobile banking for the first time, they will be presented with a scam risk rating so they can determine if they want to proceed with a payment.

“The enhanced Westpac Verify capability adds another layer of security by alerting customers before a payment is made,” Mr King added.

“This includes instances where the entered account name doesn’t match that of the receiving account, a common tactic employed by scammers who make you believe you’re sending money to a legitimate business, individual, or bank account they’ve said has been set up in your name.”

Testing and design of the new features will be carried out over the coming months and Westpac is prepared to share the technology across the industry to help protect more customers.

Westpac’s scam detection and prevention measures mean the bank is now stopping more than 60 per cent of all detected cases. The new capabilities could save up to $1 million each week for customers.

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“To sharpen our focus, we are appointing dedicated Group Executives responsible for Consumer banking and Business banking,” said Mr King.

“Over the past few years we’ve simplified the bank, including exiting nine businesses. As a result, we no longer need a Specialist Businesses Division.”

“We are also establishing a stand-alone function to accelerate our Technology simplification and will move Operations to Corporate Services, creating an expanded shared services team.”

Leadership Changes:

• Jason Yetton, Chief Executive, Consumer
• Anthony Miller, Chief Executive, Business & Wealth
• Nell Hutton, Chief Executive, Westpac Institutional Bank
• Scott Collary, Chief Information Officer
• Carolyn McCann, Group Executive Customer & Corporate Services

With the separation of Consumer & Business Banking, Chris de Bruin, current Chief Executive, Consumer & Business Banking has decided to leave the Group to pursue new opportunities.

“I want to thank Chris for his contribution to the bank. In particular, 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 new structure will give the leadership team a greater focus on growing their businesses and delivering for customers.

“Jason has a 30-year history with the Group. His breadth of expertise stretches across all facets of banking, including time running Westpac’s retail and business banking division from 2011 to 2015. Jason has also led our portfolio simplification since 2020.

“Since joining three years ago, Anthony has grown our institutional business while improving return. He is a seasoned banker, having held executive and client facing roles at some of the world’s leading banks. Anthony is well-placed to drive growth in Westpac business banking.”

Mr King said he was pleased to have someone of Ms Hutton’s calibre join the executive team.

“Nell is an outstanding leader, who has delivered a strong performance during her time leading Financial Markets and will continue to build the Institutional Bank.”

Mr King said the Group has a significant technology and customer agenda underway.

“Scott Collary will continue to spearhead our technology transformation with a focus on streamlining our tech systems across the Westpac Group, while Carolyn McCann will lead an expanded division for customer and corporate shared services, including operations, helping to leverage the benefits of scale.”

The organisation changes will take effect on 1st August 2023 and will be reflected in the 2024 financial results.

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Bill Evans

Westpac CEO, Peter King has announced that after more than 30 years as Group Chief Economist, Bill Evans will take on a new role as Senior Economic Advisor for Westpac, effective in January 2024.

Bill Evans has served as Westpac’s Chief Economist since 1991 and is one of the nation’s pre-eminent economic analysts and forecasters. He has led the bank’s economic research and provided valuable insights to Westpac and the broader Australian public.

Mr King says Evans has defined the role of a major bank chief economist in Australia.

“Bill has built a legacy of trust and a record of service that is unmatched. His generosity and ability to explain the economy in clear and simple terms has meant that Australians from all walks of life have benefited from his considerable knowledge and insight.

“Bill joined Westpac in the midst of the 1991 recession and since then has been a trusted voice in Australia through every economic cycle”, Mr King said.

“I’m pleased the Bank and our customers will continue to have the benefit of Bill’s extensive experience and knowledge in his new advisory capacity.”

Luci Ellis appointed as Westpac Group Chief Economist

Luci Ellis has been appointed as Westpac Group’s Chief Economist and will join on 9 October 2023. Luci is one of Australia’s most respected economists and is currently the Assistant Governor (Economic) at the Reserve Bank of Australia, a role she has held since 2016.

Prior to her current role, she was Head of the RBA’s Financial Stability Department for eight years. She has also served as a Deputy Head of the Economic Analysis Department and spent almost two years on secondment at the Bank for International Settlements.

Ms Ellis holds a PhD from the University of New South Wales, a Masters degree in Economics from the Australian National University and a first-class Bachelor of Commerce (Honours) degree from the University of Melbourne.

“We are delighted to welcome Luci to Australia’s oldest bank”, said Westpac CEO Peter King.

“Luci is a highly qualified and respected economist who will build on Bill’s legacy of providing quality economic forecasts for Westpac customers.”

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The new hub will bring together 540 financial crime specialists, joining 2,800 total Westpac employees relocating to Western Sydney. The hub will occupy one of Westpac’s eight floors in the new Parramatta Square precinct.

Each day, Westpac’s teams work hard to protect customers from scams and fraud, as well as mitigating other financial crime risks by monitoring for suspicious activity, providing important customer support and education, and working closely with industry peers, regulators and law enforcement to identify and report criminal activity.

Westpac Group CEO Peter King opened the new Parramatta office on Tuesday and said the move will cement the bank’s presence in an important region.

“Western Sydney is Westpac’s heartland. It’s where many of our customers live and it’s home to nearly half of our Greater Sydney workforce. The region is also a big part of the national economy.

“That’s why we’re relocating thousands of staff to Parramatta Square.”

“Our new Parramatta headquarters will include business lending and customer support teams, along with our financial crime team. We’ve brought more than 500 financial crime and fraud prevention experts together as part of this move as we continue to invest in the right tools, technology and resources to protect our customers,” Mr King said.

The new Westpac Parramatta Square headquarters builds on Westpac’s long history in Western Sydney. The bank has supported customers in the region for more than 160 years since the first Bank of NSW branch opened in Windsor in 1858.

Walker Chief Executive Officer David Gallant said Westpac’s presence in 8 Parramatta Square has been the catalyst for many other companies leasing space in the same building.

“Westpac and other major corporate clients are moving jobs to Parramatta that were once only reserved for the Sydney CBD. Westpac’s 3000 staff will strengthen the diversity of talent and skills in the beating heart of Western Sydney,” Mr Gallant said.

“Parramatta Square sets an unparalleled benchmark for corporate quality in Australia with premium office space linked to outstanding transport connectivity, fabulous food, entertainment, shopping and fitness.”

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Peter King

Westpac has announced it has brought 1,075 customer service roles back to Australia since July last year, creating new job opportunities in New South Wales, Victoria and South Australia.

This follows a commitment made in 2020 to bring 1,000 jobs back to Australia, and all customer facing contact centre roles back onshore, to give jobs to Australians and improve service to customers at a time they need it most.

The 1,075 roles, split across Sydney, Melbourne and Adelaide, primarily support Customer Assist, which directly helps customers impacted by COVID, and the mortgage process.

Westpac Chief Executive Officer, Peter King, said that: “We said we would bring 1,000 jobs back, and we have.

“COVID has resulted in some of the highest levels of customer contact we have seen, and the new roles are focused on helping our customers manage the impact of the pandemic for both themselves and their businesses.

“We continue to make changes that bolster how we support customers, and we will shortly have 100% of our customer calls answered by someone in Australia.

“Great customer service is one of the most transferrable employment skills and we have been privileged to welcome so many high-quality people from different industries to the Westpac team,” Mr King said.

Training is underway for the final group of employees recruited and it is expected that the full transition of onshoring processes will be completed this year.

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Peter King

Westpac Group has announced it will sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20- year agreement for the distribution of general insurance products to Westpac’s customers.

The sale price of $725m represents a multiple of 1.3x FY20 gross written premium and is estimated to result in a small post-tax gain on sale in FY 2021. The sale of our General Insurance business adds around 12 bps to Westpac’s common equity Tier 1 capital ratio. ^[1]

The transaction also includes contingent payments subject to integration milestones and business performance over the next five years, as well as ongoing payments in accordance with the distribution agreement.^[2]

The new distribution arrangement expands the Group’s existing partnership with Allianz, which has seen Westpac distribute a range of Allianz’s products to customers including Auto, Travel, Boat and Business insurance since 2015.

Westpac Group Chief Executive Officer, Peter King, said the agreement was a significant milestone in building a simpler, stronger bank. “This transaction is another step in simplifying our business while continuing to help customers with their general insurance needs.

“General Insurance products are important for many Australians and we are pleased to be entering a long-term partnership with a global insurance expert to continue to help customers protect the things they value,” Mr King said.

Westpac will retain responsibility for certain pre-completion matters and provide protection to Allianz via a combination of provisions, warranties and indemnities.

Completion of the transaction is subject to various regulatory approvals and is expected to occur in Second Half 2021.

———

[1] On a pro forma 30 September 2020 basis.
[2] Contingent and ongoing payments not included in sale price or estimated gains on sale in FY21.

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