The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry shook up the sector. Heads were rolled. CommBank - AMP - NAB and IOOF Holdings executives were gone. But the ones that caused the most noise in 2019 - were those of Westpac.
Chairman Lindsay Maxsted brought forward his resignation - CEO Brian Hartzer stepped down, taking responsibility for AUSTRAC's allegations of 23- million breaches of anti-money laundering laws against the bank.
Elio D'Amato, an analyst at Lincoln Indicators says it has the potential to spark the largest corporate fine in Australian history.
It's going to be remembered in the annals as a really catastrophic event when it came to a breakdown in process and governance, and the lessons that will permeate through many corporate boardrooms for quite some time yet.
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