Business
The King’s Gambit: Westpac CEO makes risky move to outplay rivals – Sydney Morning Herald
Westpac chief executive Peter King has set himself an ambitious cost reduction target in a plan to claw back market share from the other big banks.
But the central plank to Kings recovery plan will a $2 billion cost-cutting exercise.
Most bank investors suffer from cost out fatigue having heard the major banks talk about big plans to take expenses out of their businesses for years. Westpacs plan, which is all about its simplicity mantra, has caught investor attention because it has been broadly quantified.
The danger in being this explicit is that failing to meet the target will be punishable. King has given himself three years to get there,…
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