On Tuesday, Brian Hartzer and Lindsay Maxsted, Westpac’s CEO and chairman respectively, resigned in the aftermath of a series of allegations against the bank by the anti-money laundering (AML) agency Austrac.
The furore brings down the chief executive, who had seemed least affected by Australia’s Royal Commission into banking behaviour; indeed, had seemed strengthened by it.
He joins a growing heap of former executives – Ian Narev at the Commonwealth Bank of Australia (CBA), Andrew Thorburn and Ken Henry at National Australia Bank (NAB), Craig Meller and Catherine Brenner at AMP – brought low by bad practice in their institutions.
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