(27 September 2010 – Australia) Westpac Banking Corporation has made plans to bolster its ‘back to the future’ retail banking approach, setting aside a further A$100 million.The retail banking strategy, which focuses on the return of the traditional branch manager, has already had A$120 million spent on it with 670 managers already appointed.
The new managers have been given responsibility for their own profit-and-loss account and hire-and-fire power over local staff recruitment.
The bank has also added 450 new business bankers to its offering.
The ‘back to the future’ initiative was one of the bank’s chief executive, Gail Kelly’s, first ambitions, focused on improving the standard of retail banking.
Prior to the implementation of the strategy Westpac’s retail banking performance was lacklustre in comparison to its rivals.