The restructure would result in 900 job losses and the departure of two of its most senior executives,consumer bank chief George Frazis and BT chief Brad Cooper.
TS Lim, banking analyst at Bell Potter, said the decision would further “de-risked” the bank.
“There will be a loss in revenue upfront with cost savings later, so while there will be some short-term impact, earnings will be less volatile,” he said.
The remaining businesses are core to Westpac, which should make it more resilient, he said.
David Ellis, banking analyst at Morningstar, said about $200 million in restructuring costs would come in the first half of fiscal 2019, with the remainder split between the second half of fiscal 2019 and fiscal 2020.
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He has reduced his 2019 …
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