Sydney, Feb 10, 2026, 16:46 AEDT — After-hours
- Westpac dropped 1.8% as the bank announced CIO Scott Collary is set to retire.
- The Big Four banks lost ground, with traders adjusting their books before Commonwealth Bank reports earnings on Wednesday.
- New data pointed to softer consumer sentiment and a dip in household spending
Westpac Banking Corp dropped 1.8% to A$39.28 on Tuesday, erasing the previous session’s 1.5% rise. The lender announced chief information officer Scott Collary will retire later this year. 1
The management shakeup comes during a week when investors are back to worrying about execution risk and costs. For banks, tech is at the heart of it—where the bills rack up, outages hit, and cyber threats can deliver a hefty price tag.
Westpac slipped along with the rest of the major banks, pressured ahead of Commonwealth Bank of Australia’s half-year numbers due this Wednesday. The lender’s last two results rattled investors with steep declines in the stock, IG market analyst Tony Sycamore pointed out. Still, the ASX 200 managed to edge higher as tech names bounced, despite softness across the Big Four banks. 2
Westpac said Collary will stay on during the search for a replacement. CEO Anthony Miller said Collary leaves the bank “more stable, more resilient and better protected,” highlighting his efforts around cyber security and scam prevention.
Macro data gave little to cheer about. The Westpac–Melbourne Institute consumer sentiment index dropped 2.6% in February, hitting 90.5—a level not seen in ten months. Westpac’s Matthew Hassan noted that, while sentiment took a hit, the response to the latest rate hike was “relatively mild” versus previous tightening cycles. 3
Household spending slipped 0.4% in December, according to data released Monday by the Australian Bureau of Statistics, giving back gains from October and November. Still, spending stood 5% higher compared with the same month last year. 4
Australian spending has stumbled, reigniting arguments about just how much further rate hikes can go before consumers start to really pull back. The Reserve Bank of Australia bumped its cash rate up to 3.85% this month. Traders see strong odds for another 25 basis point hike in May, according to Reuters. 5
The CIO transition at Westpac isn’t expected to be the sole driver for WBC.AX this week. Bank shares have been reacting to where earnings land, as well as any hints that tighter competition in home loans is putting pressure on margins.
If banks post results this season with sharper margin pressure or deteriorating credit quality, the sector could slide even if there’s fresh management news. Tech transitions that go awry — or a jump in scam losses or cyber incidents — would only push investors to demand a fatter risk premium.
Commonwealth Bank delivers its half-year numbers on Wednesday, giving investors their first significant look at how bank margins and costs are shaping up this reporting window. Over at Westpac, shareholders are eyeing updates on the CIO search and any fresh details about spending on cyber and scam prevention.
