2341 GMT - The revenue benefits that Westpac derives from its multiyear tech overhaul will partly depend on the response of its Australian banking peers, Morgan Stanley analysts warn. They write in a note that the project has significant execution risk and see a chance that it will cost more and save less than the lender expects. They point out that the initiative is currently expected to cost about A$3 billion, take five years to implement, involve 60 initiatives, cover three divisions, and be implemented by a new management team. Other major banks will respond in their efforts to maintain or grow their share of core markets, they say. MS has an underweight recommendation on Westpac. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 01, 2025 19:41 ET (23:41 GMT)
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