Macquarie Group (ASX:MQG) has poached Westpac (ASX:WBC) treasurer Jo Dawson for the equivalent role, marking another high-profile move in an intensifying talent shake-up across Australia's major banks.
Dawson will join Macquarie around mid-year, ending a 23-year career at Westpac, where she has served as treasurer since 2020.
She will report to CFO Frank Kwok, who stepped into the CFO role on Jan. 1, following the retirement of Alex Harvey, having previously combined the positions of deputy CFO and group treasurer.
Dawson’s appointment comes as competition for senior banking executives accelerates, with Westpac itself recently luring National Australia Bank CFO Nathan Goonan and Commonwealth Bank executive Paul Fowler.
At Macquarie, Dawson will oversee global funding and capital management at a time of heightened market and regulatory complexity.
Macquarie is also seeking to remove a $500 million capital overlay imposed by the prudential regulator in 2021 and is preparing for changes, including the phase-out of bank hybrid securities by 2032.
Westpac CFO Goonan said Dawson would depart in February, praising her stewardship of the balance sheet through periods of market dislocation, including the COVID-19 pandemic, and her leadership through complex regulatory change.
Daniel Park, Westpac's managing director of group treasury, will act in the role while a successor is sought.
At the time of reporting, the share prices of Macquarie Group and Westpac were $207.74 and $38.76, respectively.