WBC blends business units
(15 June 2009 – Australia) With small businesses now lumped with retail, Westpac is in the process of sorting out its big business units, blending the premium business group into the wider corporate and institutional unit and out of its own silo.
The Australian Financial Review (AFR) has reported the restructure within Westpac’s institutional division, in order to streamline operations, cut costs and deal with the current environment.
The bank’s premium business group, which deals with medium sized corporate customers, has been folded into the corporate and institutional banking unit run by Jeff Mitchell, the AFR reports.
Last October, the premium business group, run by Jeremy Dean, became its own unit within the institutional division, moving across from the retail and business bank.
While the premium business group was a standalone unit within the institutional bank, it will now be incorporated into corporate and institutional unit.
The restructure has reportedly been designed to reduce overlap between the large corporate banking and the smaller premium business group, as part of a broader review of the bank’s approach to client coverage.
Westpac indicated that the restructure will allow it to rationalise the number of direct reports, while also harmonising underwriting standards and giving a large customer base for broader cross sell.
The bank’s premium business group, which deals with medium sized corporate customers, has been folded into the corporate and institutional banking unit run by Jeff Mitchell, the AFR reports.
Last October, the premium business group, run by Jeremy Dean, became its own unit within the institutional division, moving across from the retail and business bank.
While the premium business group was a standalone unit within the institutional bank, it will now be incorporated into corporate and institutional unit.
The restructure has reportedly been designed to reduce overlap between the large corporate banking and the smaller premium business group, as part of a broader review of the bank’s approach to client coverage.
Westpac indicated that the restructure will allow it to rationalise the number of direct reports, while also harmonising underwriting standards and giving a large customer base for broader cross sell.
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