New Westpac chief executive, Brian Hartzer, has abolished the bank's Australian Financial Services division in a move which will mean that key executives in the area, including those within BT Financial Group, will report straight through to him.
Hartzer announced the changes today stating that while there were no changes to his executive team, some responsibilities and reporting lines had changed.
He said that as a result, Australian Financial Services would no longer exist as a division and that the chief executives of Westpac Retail & Business Banking, St George Banking Group and FT Financial Group (Jason Yetton, George Frazis and Brad Cooper) would report directly to him.
"This model will preserve the strength of our unique portfolio of brand while maintaining theone team approach that has been a feature of Westpac's success," Hartzer's announcement said.
It said that all retail product development, marketing and analytics functions previously within the AFS group along with group-wide operations would now be the responsibility of the Chief Operating Officer.