Westpac Banking Corporation, Australia’s oldest bank and first company (founded in 1817), was led by Peter King as Group CEO and Managing Director from April 2020 until his retirement in December 2024. King steered the bank through the COVID-19 pandemic, oversaw a major overhaul of risk management following the AUSTRAC anti-money laundering regulatory crisis, and delivered portfolio simplification that doubled the share price during his five-year tenure. A career Westpac executive who joined in 1994, King served as Chief Financial Officer before being elevated to the top job, leaving the A$1.1 trillion institution in what the board described as “very good shape.”

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Westpac Competitors

Westpac operates in the highly competitive Australian banking sector as one of the “Big Four” banks. The key competitors of Westpac include:

• Commonwealth Bank of Australia (CBA) – Australia’s largest bank by market capitalisation
• National Australia Bank (NAB) – strong in business and institutional banking
• Australia and New Zealand Banking Group (ANZ) – major presence in retail and commercial banking
• Macquarie Group – diversified financial services and investment banking
• Bendigo and Adelaide Bank – community-focused banking alternative
• ING Australia – digital-first retail banking competitor
• HSBC Bank Australia – global banking competitor with Australian operations
• Bank of Queensland (BOQ) – regional banking competitor

Peter King – Quick Facts

Peter King Net Worth 2026 – Westpac CEO Salary

As of 2026, Peter King’s net worth is estimated at approximately A$15–20 million, based on his disclosed Westpac stock holdings, long-term incentive awards vested during his tenure, and accumulated compensation over a 30-year career at the bank. King’s final year total compensation as CEO was approximately A$5.7 million.

Peter King Compensation Breakdown (FY2024)

Westpac Net Worth 2026 – Is Westpac Profitable?

Yes, Westpac Banking Corporation is a highly profitable company. Under Peter King’s final year as CEO, Westpac reported a net profit of A$6.99 billion for the fiscal year ending September 2024, with revenue of A$21.1 billion.

Westpac Financial Summary (FY2024)

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Westpac CEO Email Address | Peter King Contact

Below are the contact details and social media profiles for former Westpac CEO Peter King:

Career & Education – Company, University, & College

Peter King spent his entire banking career at Westpac, joining in 1994 after beginning his professional life at Deloitte Touche Tohmatsu. Over 30 years, he rose through senior finance roles to become CFO and ultimately CEO. Below is his complete career timeline:

Peter King Career Timeline

Peter King commenced his career at Deloitte Touche Tohmatsu as a chartered accountant before joining Westpac in 1994. Over the next two decades, he held senior finance positions across the Group, spanning Group Finance, Business and Consumer Banking, Business and Technology Services, Treasury, and Financial Markets.

In 2011, he was promoted to Deputy CFO, and in April 2014 became Chief Financial Officer, overseeing Westpac’s finance, group audit, tax, treasury, and investor relations functions. When CEO Brian Hartzer departed in December 2019 amid the AUSTRAC crisis, King was appointed acting CEO and confirmed permanently in April 2020.

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Education

King is also a Fellow of the Institute of Chartered Accountants, reflecting his deep expertise in finance, audit, and risk management.

Peter King Wiki – Age, Family, & More

Former Westpac CEO Peter King (age 55, born 27 March 1970) is an Australian banking executive based in Sydney, New South Wales. He maintains a private personal life and details about his spouse and family are not publicly available. King is widely recognised as a steady, technically skilled leader who prioritised risk management, regulatory compliance, and digital transformation throughout his career.

Notable Achievements & Recognitions

• AUSTRAC Regulatory Recovery – Led Westpac through the resolution of the A$1.3 billion AUSTRAC penalty for 23 million anti-money laundering breaches, implementing a comprehensive risk management overhaul
• COVID-19 Leadership – Steered the bank through the pandemic, including loan deferrals for hundreds of thousands of customers and remote working transitions
• Share Price Doubled – Westpac’s stock price doubled during his five-year tenure as CEO, delivering significant shareholder value
• Portfolio Simplification – Executed a major simplification strategy, divesting non-core businesses to focus on core banking operations
• Digital Transformation – Drove the digitisation of core mortgage processes, enhancing customer experience and operational efficiency
• Organisational Health – Lifted Westpac’s organisational health index from 70% to 80%, placing the bank in the global top quartile

King was a member of the University of Sydney Business School Board of Advice and was known for his expertise in risk management, financial markets, portfolio management, and capital markets.

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About Westpac Banking Corporation

Westpac Banking Corporation is Australia’s first bank and first company, established in 1817 as the Bank of New South Wales. In 1982, it merged with the Commercial Bank of Australia and adopted the name Westpac Banking Corporation. Today, it is one of Australia’s “Big Four” banks and one of the largest financial institutions in the Asia-Pacific region.

Westpac trades on the Australian Securities Exchange under the ticker symbol WBC. With total assets of approximately A$1.1 trillion, over 33,000 employees, and more than 200 years of continuous service, it is one of Australia’s most significant financial institutions. The bank is headquartered at 275 Kent Street, Sydney.

Frequently Asked Questions (FAQ)

Who is the current CEO of Westpac?

The current CEO of Westpac Banking Corporation is Anthony Miller, who was appointed Group CEO and Managing Director effective 16 December 2024. He succeeded Peter King, who retired after a 30-year career at the bank. Miller previously served as CEO of Westpac’s Institutional Banking and Business & Wealth divisions.

What is Peter King’s net worth in 2026?

As of 2026, Peter King’s net worth is estimated at approximately A$15–20 million, based on his accumulated Westpac stock holdings, vested long-term incentive awards, and 30 years of senior executive compensation at the bank.

What was Peter King’s salary as Westpac CEO?

Peter King’s total compensation as Westpac CEO was approximately A$5.7 million in his final year, consisting of a A$2.4 million base salary, approximately A$1.2 million in short-term bonuses, and A$2.1 million in long-term stock awards. About 58% of his compensation was performance-based.

What is the Westpac CEO’s email address?

Peter King’s email address during his tenure was [email protected]. The corporate email format at Westpac follows the pattern [email protected]. He can also be contacted via LinkedIn. Westpac’s general enquiry email is [email protected].

Why did Peter King leave Westpac?

Peter King retired from his position as Westpac CEO in December 2024, ending a 30-year career at the bank. His departure was planned, and the board appointed internal successor Anthony Miller after a thorough succession process. King left the bank in what was described as “very good shape,” having resolved the AUSTRAC regulatory crisis and doubled the share price.

Is Westpac a profitable company?

Yes, Westpac is highly profitable. In fiscal year 2024 (ending September 2024), the bank reported net profit after tax of A$6.99 billion with total revenue of A$21.1 billion, net interest income of A$18.75 billion, and a return on tangible equity of 11%. Westpac has a market capitalisation of approximately A$137 billion.

Article last updated: January 2026