There is expected to be huge reputational damage for Westpac Australia following a massive money laundering scandal.
CEO Brian Hartzer is leaving the job after allegations the bank didn't monitor or report millions of suspicious payments, including some linked to child exploitation.
Chartered Financial Analyst Society president Jeffrey Stangl told Kate Hawkesby Hartzer's comments yesterday were about profitability and he apologised for cancelling the Christmas party.
He says that indicates a sense of arrogance.
"It's all about culture and that starts at the top so it was appropriate Hartzer stepped down."
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