Westpac Banking Corp (OTCPK:WEBNF)
$ 21 -0.246 (-1.16%) Market Cap: 73.95 Bil Enterprise Value: 164.86 Bil PE Ratio: 16.42 PB Ratio: 1.59 GF Score: 54/100
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Westpac Banking Corp Resetting Wealth Strategy Call Transcript

Mar 19, 2019 / 01:00AM GMT
Release Date Price: $18.56 (-1.12%)
Brian Charles Hartzer
Westpac Banking Corporation - MD, CEO & Director

Good afternoon, everyone, and thank you for coming on short notice. This is an important announcement for Westpac, and we wanted to make sure that we fully explained it and gave you the chance to ask your questions.

You'll recall that I showed this slide at our full year result last year when I laid out our priorities for 2019. These priorities are to deal with outstanding issues, to build momentum in our franchise and to drive structural productivity. The changes we've announced today respond to each of these.

First, on the issues in wealth. We've announced a lot about our commitment to wealth over the last few years, which is understandable given the transition that the industry is going through. But when you look past the short-term challenges, this is a good sector to be in. It's a fee-based business with good underlying growth in demand and attractive returns, and it's absolutely linked to our strategy of looking after customers through their lives. You only have to look at the response of our customers in

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