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Jason Yetton, the chief executive for consumer banking, is set to leave the big four bank as soon as a successor is appointed.
Westpac Group (Westpac) has confirmed that its chief executive for consumer banking, Jason Yetton, will leave the bank later this year.
Yetton has been the chief executive for consumer banking at Westpac since August 2023 and was chief executive for specialist business and group strategy for three years before that. He had also previously held similar roles over his seven-year run with the major bank between 2008 and 2015 in Westpac’s retail and business banking division, as well as senior positions in BT Financial Group (where he first started his financial services career in 1992).
The industry veteran has a long history of working in mortgages and with the broker channel, having been the CEO and managing director of marketplace lender SocietyOne (before its acquisition by MONEYME) and was the CEO of the NewCo company created by the Commonwealth Bank of Australia when it demerged its broking and wealth businesses, including its stakes in Aussie Home Loans and Mortgage Choice, following the royal commission.
While a finish date has not been released, it has been revealed that Yetton has agreed to stay on while a search for a successor is underway.
Details of the reason for his resignation have not been revealed; however, some mainstream media outlets have speculated that it may be down to the fact that he was passed over for the Westpac CEO position last year in favour of Anthony Miller (who was previously Westpac’s CEO of business and wealth).
Commenting on the departure, Westpac CEO Anthony Miller said: “Jason has played a significant role at Westpac over many years, from his early days at BT to the strategic review of our specialist businesses, where he successfully led the divestment of 10 businesses.
“Since 2023, Jason has stewarded our consumer division back to growth, with impressive and consistent results across the board, but particularly in transactional banking.”
Miller highlighted the popularity of Westpac’s banking app, which he said was “rated the best in Australia”, and the success of which he attributed to Yetton’s “drive, delivery and strong execution focus”.
“I thank Jason for his outstanding contribution to our people and customers for the past two decades,” Miller said.
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