Westpac appoints remediation lead

Westpac is welcoming a new head of remediation. At the same time, the group has responded to reports of up to 300 planned redundancies within BT Financial Group.

Former ANZ general manager, wealth separation and transition Mandy Rutherford has joined Westpac to lead its ongoing customer remediation efforts.

Most recently chief executive of AMG Group, Rutherford spent more than 14 years at ANZ across a range of roles including head of savings and investments, and general manager, deposits.

Her appointment comes as reports of up to 300 roles being made redundant at BT Financial Group swirl.

The news follows Westpac's decision to exit personal financial advice earlier this year.

Banking Day is reporting the group is set to initiate a major redundancy program across BT Financial Group, which was brought in-house as part of the bank's new wealth strategy.

As part of the new strategy, Viridian Advisory acquired many of Westpac and BT Financial Group's financial advisers.

In response to questioning, a Westpac spokesperson told Financial Standard: "Support for our people and customers has been at the centre of every step of the process as we reset our wealth strategy and we have provided a comprehensive redeployment program and transition support to assist those not moving to Viridian."

"To date many employees have successfully found new roles within the group and more are expected to finalise placements in the coming week."

The spokesperson said 161 people will commence new roles with Viridian Advisory on July 1. At the time of the initial announcement in March, about 175 staff were expected to transition to Viridian.

According to Banking Day, many of the 300 roles expected to go are contract roles.

Read more: WestpacBT Financial GroupViridian AdvisoryANZBanking DayMandy RutherfordAMG GroupFinancial Standard
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