2322 GMT - The departure of Westpac's consumer chief increases the Australian bank's execution risk, Morgan Stanley analyst Richard E. Wiles says. Writing in a note to clients, Wiles points out that Westpac is already looking for a new chief financial officer, has only just appointed a new business and wealth chief, and is also ramping up the overhaul of its tech platforms. Westpac's consumer unit accounted for 30% of fiscal 2024 profit and franchise performance improved under Jason Yetton's leadership, Wiles adds. MS has an underweight rating and A$29.20 target price on the stock, which is up 0.1% at A$30.59. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 09, 2025 19:22 ET (23:22 GMT)
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