CEO of Australia's Westpac exits over money laundering scandal

The swift turnaround by U.S. born Brian Hartzer underscored how politically and publicly sensitive missteps by Australia's big banks have become in the wake of a bruising public inquiry that found rampant profiteering in the industry.

SYDNEY: The chief executive of Australia's Westpac Banking Corp stepped down on Tuesday over a money laundering scandal involving child exploitation, just a day after he told staff it was "not a major issue" and that he intended to stay on.

The swift turnaround by U.S. born Brian Hartzer underscored how politically and publicly sensitive missteps by Australia's big banks have become in the wake of a bruising public inquiry that found rampant profiteering in the industry.