Westpac Banking Group has made significant changes to its organizational structure as part of its ongoing efforts to simplify operations. The bank has reinstated the role of Chief Information Officer (CIO) and established technology as a standalone function within the organization.
Scott Collary, the current Chief Operations Officer, will take on the role of CIO, leading the bank’s technology transformation and streamlining tech systems across the Westpac Group. The move represents a reversal of the bank’s mid-2020 decision to combine operations and technology into one function.
Effective from August 1, the restructure will also result in operations shifting under corporate services, creating an expanded shared services team. Carolyn McCann will head the expanded corporate services function, which will now include operations and customer services in her remit.
As part of the changes, consumer banking and business banking, which were previously under a single executive, Chris de Bruin, will be split into separate units. De Bruin will be leaving the bank. His role encompassed digitization efforts, including the introduction of digital payment advancements like ‘Tap and Go’.
Westpac CEO Peter King expressed gratitude to De Bruin for his contributions, including successful initiatives such as digital mortgages and payment solutions.
The restructuring aligns with Westpac’s new strategic phase, aimed at simplifying the bank’s operations, enhancing accountability, and reducing costs. The bank recently let go of 300 staff from corporate functions, impacting IT staff among others.
With this new structure in place, Westpac’s leadership team aims to focus on business growth and delivering enhanced services to customers.
