Westpac’s new CEO has suggested the worst is over for the economy — with caveats — after delivering his first major result for the bank since taking over in December.
Unlike many new CEOs, Anthony Miller didn’t spring any major write-offs or strategic shifts, committing the bank to essentially the same course laid out by his predecessor with the major focus being the massive tech overhaul under project UNITE.
“There's nothing that sits in front of me about large adjustments or write-downs as we sit here,” he told me today. “But I’m 141 days in, I'm not committed either way. I'm just focusing on our priorities, do the work I've got to do and see what follows.”
In earlier commentary, Miller said recent surveys are highlighting that “potentially the worst is behind us and certainly the data [on credit quality and delinquencies] is telling us the worst is behind us.” It will be interesting to see if this positive stance is confirmed by other banks when they report later in the week.
