SYDNEY - The chief executive of Australia’s Westpac Banking Corp stepped down on Tuesday over a money laundering scandal involving child exploitation, just a day after he told staff it was “not a major issue” and that he intended to stay on.
Prime Minister Scott Morrison was among those calling for the bank’s board to consider the future of its executives, but chairman Lindsay Maxsted had said over the weekend that a change at the top would be destabilizing for the bank. Hartzer had told senior staff in a meeting on Monday that the crisis was “not an Enron or Lehman Brothers”, according to The Australian newspaper, referring to the two famous corporate collapses.
The scandal is likely to be front and center at Westpac’s annual general meeting, scheduled for Dec. 12., although Hartzer’s exit might dampen some of the fireworks. Maxsted said any breaches were not made “through deliberate neglect” as he accepted that some customers may leave the bank.
Source: Financial Digest (financialdigest.net)
People should realise that at any one point in time, ALL banks and financial institutions are in breach of AT LEAST SOME of the thousands of regulations they are supposed to meet. When discovered, they report these breaches and then work on a solution, just as Westpac has done.
Again they make blanket statements about payments to pefophiles yet no names mentioned- why? Which pedophiles? Where do they live? What do they do?
Rutt Roa Id say Brian has a problem.
Money laundering (Westpac), charging dead peoples estates (NAB), illegally “hawking” life insurance (Commonwealth), criminal cartel activity (ANZ) but the Australian Government is proceeding to outlaw cash and force us into using this corrupt banking system. 🤔😡 auspol
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia's Westpac loses top two executives in money-laundering scandalAustralia's Westpac Banking Corp said on Tuesday its CEO will step down and... Oh cry me a river. Two scapegoats in the hope this will go away. They were knowingly supporting money laundering to fund terrorism and the best they do is offer up 2 sacrifices. Where is the rest? Then let's discuss the child exploration funds they also chose to ignore.
Source: Reuters - 🏆 2. / 97 Read more »
Factbox: Westpac's money-laundering scandal in quotesThe chief executive of Australia's Westpac Banking Corp stepped down on Tue...
Source: Reuters - 🏆 2. / 97 Read more »
Banks Down Under have further depths to plumbWestpac is parting ways with both its chairman and CEO, days after a money-laundering scandal erupted. The $58 bln Aussie lender becomes the latest of the Big Four to replace its top brass. Persistent rot suggests investors may be underestimating the cost of the cleanup.
Source: Breakingviews - 🏆 470. / 51 Read more »
T.I. Addressed His Controversial Comments About His Daughter's Hymen And Jada Smith Schooled Him On FeminismHe refers to the scandal as 'Hymen-gate.' If nothing else, he’s still a snack I don’t know if he fully understands (or any father who acts this way towards his daughter) how messed up this way of thinking is... the hypocrisy comes because they fint treat their sons the same way (and end up raising men who think they can control women’s bodies) He doesn't get what everyone took issue with. He defends himself saying he only goes to the office not in the room. We don't care about that. We care about asking a doctor if your daughter is a virgin. It's vile.
Source: BuzzFeed - 🏆 730. / 51 Read more »
All the New Details About Rudy Giuliani’s Dealings in UkraineIt was a busy weekend in the Ukraine scandal, and a bad one if you’re Rudy Giuliani Shouldn't the media wait until all the facts are out before they start laying blame? This is why people call you fake. FAKE.RUDY US UMBEATABKE.Bad times are for Bidens family.:CORRUUUUUPPPT
Source: NYMag - 🏆 111. / 63 Read more »
3D-Printing Unicorn Carbon Gets A High-Powered CEO In Ellen Kullman, Formerly Of DuPont, As Its Founding CEO Moves Aside3D-printing unicorn Carbon has brought in a new high-powered CEO in Ellen Kullman, former CEO of DuPont, to replace cofounder Joe DeSimone.
Source: ForbesWomen - 🏆 477. / 51 Read more »