Westpac’s Yetton targets ‘right returns’ over mortgage wars

Westpac will subdue loan growth to preserve profits in the latest sign of the cooling mortgage war, with newly installed consumer bank chief Jason Yetton promising to secure the “right returns for shareholders” rather than restoring years of lost market share with aggressive price competition.

In his first major interview since being appointed last August to lead Westpac’s second-ranked retail bank, Mr Yetton also promised to extend a moratorium on regional branch closures until 2027, ahead of the bank’s half-year results to be delivered next Monday.