Explore the latest developments concerning Westpac and CBA.
Westpac and CBA lock horns in institutional banking tussle
Westpac chief executive Anthony Miller wants to restore the lender to a leadership position servicing banking’s top end of town, opening up a new front of competition with arch rivals Commonwealth Bank and ANZ.
Analysts, investors and others familiar with Miller’s strategy say the former Goldman Sachs investment banker has been steadily ramping up Westpac’s lending to big corporates and government clients, partly to offset growing technology costs.
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Westpac, CBA poaching war heats up as banking giants trade managers
Westpac and Commonwealth Bank have poached key staff from each other in core strategic areas of artificial intelligence and agribusiness banking, escalating a long-running rivalry to secure talent.
The direction of travel of senior AI executives has mostly been from CBA to Westpac, where chief executive Anthony Miller is keen to catch the technology leadership that the country’s biggest bank has built over years.
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CA ANZ closely monitoring CBA loan fraud investigation
The professional body is not aware of any involvement by its members in the $1 billion home loan fraud at this stage, but has reminded members about their obligations.
The discovery of approximately $1 billion in potentially fraudulent loans by the Commonwealth Bank last month highlights major risks accountants should pay attention to in their own practices, including identity theft and AI misuse, CA ANZ has said in a recent submission to the parliamentary joint committee.
In late February, it was reported that CBA had self-reported to regulators and authorities after uncovering a suspected $1 billion of home loan fraud on its books. The fraudulent loans were obtained using doctored applications and false documents, such as AI-generated fake income statements, according to reports by The Australian Financial Review.
For more detailed information, explore updates concerning Westpac and CBA.
