Big Banking Leadership Shake-Up Continues
ANZ recently released its new strategy, which was well received by investors, but remarkably similar to the other Big4, indicating there is one way to compete in Australian banking, with execution being key to success.
While the banks are focused on gaining market share overall, the focus is on the more profitable areas of Business Banking and bank-originated mortgages. While a fairly stable to stagnant market increases the need to deliver cost-effectively, with an eye on technical innovation / digital / AI.
Nuno has chosen to replace several key roles with external candidates that are familiar to him, addressing the largest challenge of risk culture, integration of Suncorp / multiple tech stacks and retail banking performance.
- Christine Palmer joins as Group Chief Risk Officer, coming from Santander UK, starting December 1, 2025.
- Donald Patra is the new Group Chief Information Officer, joining from HSBC and is expected to start on November 24, 2025.
- Pedro Rodeia joins as Group Executive for Australia Retail. He is a former senior partner at McKinsey & Company and will begin on November 17, 2025.
Meanwhile Westpac reaches further down the organisation, expressing the nuances of its strategy through restructures and GE-1 hires.
- Paul Fowler leading a major restructure that splits the Business Bank into metropolitan and regional segments, with both reporting directly to him, presumably increasing the focus on the voice of bankers on his leadership team, while increasing banker numbers overall, with boots on the ground being a key driver of market share in the smaller Business Banking market.
- As such, Peta Ward, based in Toowoomba, has been promoted Managing Directors, to oversee regional, commercial, and agribusiness. She previously served as National General Manager for Regions and Agribusiness since 2022.
- Meanwhile Carolyn McCann announces her first strategic hire, Luis Uguina formerly the Chief Digital Officer at Macquarie Bank for over 9 years, notable given the rapid increase in Macquarie retail banking share for the prior 5 years.
These changes are reflected in the data, with Business lending shifting slowly but noticeably over the past 3-5 years.
Business banking market share (2021–2025):
Key Observations
- NAB shows a slight but steady decline from 22.1% to 21.6%, though it remains the market leader.
- CBA has grown gradually from 18.2% to 18.85%, maintaining strong momentum.
- Westpac demonstrates the most notable improvement, rising from 14.8% to 16.1%, reflecting its aggressive business banking strategy.
- ANZ continues to decline, dropping from 14.5% to 13.8%, signaling competitive pressure.
- HSBC is also worth a mention, with the refocus away from retail in Australia (now up for sale) and steady growth in Business, increasing from 7.5% to 9.3%, driven by global banking / currency capabilities.
Julia Patterson
Partner, Financial Services