News Articles for Peter King

Westpac has appointed Anthony Miller as its new boss, succeeding Peter King who will retire after a 30-year career with the bank.

Australian banking customers will be better protected from scammers under a suite of changes introduced by the industry.

Westpac made $7.2 billion in net profit after tax for 2022/23, up 26 per cent from the year before.

Westpac is raising its dividend 15 per cent to 70c per share as CEO Peter King says it has become a "simpler, stronger bank".

Westpac has posted an annual profit of $5 billion-plus and says while interest rate rises will bite, many customers remain ahead on their mortgage repayments.

Westpac has posted a 12 per cent drop in first half cash earnings to $3.1 billion, on the back of competitive pressures in the home loan market and increased provisions for bad debts.

Westpac is seeking to cut about 20 per cent of its head office jobs as an increasingly competitive operating environment prompts the bank to bring forward cost-saving efforts.

Westpac has unveiled a $3.5 billion share buyback after posting a surge in annual earnings on the back of a strong home loans market and lower provisions.

Australia's big four banks have been quick to jump on board an expanded federal loan scheme to help steer small businesses through the spate of coronavirus lockdowns.

Westpac chief executive Peter King wants the corporate sector to be allowed to step in and help Australia's flagging vaccine rollout.

Westpac has posted a rebound in half-year earnings as an improving economy helped it dodge potential pitfalls and boosted activity in the key home loans market.

Westpac claimed first-quarter cash earnings were up 54 per cent and boss Peter King says there had been a significant increase in home loan applications.

Westpac and Commonwealth Bank are facing separate allegations over breaches related to funding and loan products, and interest rate charges.

Westpac has had a 62 per cent dive in full-year cash earnings, largely from the effects of COVID-19 and its $1.3 billion penalty for breaches of money laundering and terror financing laws.

Afterpay and Zip have struck deals with Westpac and Visa to bundle their services, as payment providers expand and evolve with technology.

Westpac has agreed to pay a record $1.3 billion fine for major breaches of money laundering and terror financing laws.

Australia's second largest bank, Westpac, believes the $900 million it has set aside for an eventual settlement with financial regulator AUSTRAC over breached anti-money laundering laws is adequate.

Westpac will not pay a first-half dividend after third quarter cash earnings dropped by 22 per cent, and has been punished on the share market.

Westpac has joined rival ANZ in deciding to not pay an interim dividend to shareholders after it posted a first-half profit slide because of hefty impairment charges related mainly to the COVID-19 pandemic.

Westpac has announced it will take a $2.24 billion pre-tax first-half impairment charge, mostly because it expects some of its loan customers won't survive the coronavirus crisis.

Westpac's money laundering scandal could blow a $1.03 billion hole in its first-half cash profit, with the bank setting aside an eye-watering $900 million for a potential legal penalty.

Westpac has permanently appointed Peter King as chief executive on a $2.4 million salary with incentives.

Westpac has named "battle-hardened" banking veteran John McFarlane as its next chairman to help it recover from the fallout of a massive money laundering and child exploitation scandal.

Westpac has been handed a second strike on executive pay but dodged a potential board spill despite shareholders roasting the bank over its child exploitation scandal.

Westpac chief executive Brian Hartzer is stepping down and chairman Lindsay Maxsted will follow as Australia's second largest bank tries to keep hold of customers appalled at its money laundering and child exploitation scandal.