Westpac still searching for wealth exit By Sarah Kendell 04 May 2021 Westpac has flagged the sale of its remaining wealth-focused businesses as a key part of its cost-cutting strategy, as the bank’s remediation expenses jumped in the first half despite strong performance in super and platforms. In its investor presentation around the bank’s half-year results on Monday, Westpac said it was targeting an $8 billion cost base by the 2024 financial year, and that the exit of “non-core businesses” placed in its specialist businesses arm – including BT and Westpac Life Insurance – was key to this strategy. The bank said it was aiming to have all transactions completed on the sale of its specialist businesses by the 2024 financial year, with four of the businesses already under sale agreements since the division was created within Westpac in 2019.