#bob joss

Joss spoke confidently of Westpac having a strategy that was working but many in his audience were yet to be convinced.

Joss's 'inner circle' included Morschel, Pat Handley, David Morgan and credit chief Robert Nimmo.

But he agreed that the bank had been very cautious over the previous few years, saying it was a 'natural reaction . . . but now Westpac is trying to get that balance right'.

Joss cited examples of four major UK clearing banks which made large investments in Californian banks, at the height of the Silicon Valley allure which made California the 'Golden State'.

Joss had apparently been receptive to the advice of an outside consultant that the communications job would be best handled by a woman.

Joss took over a bank that had achieved the dubious distribution of having a 'world-class' ratio of problem loans to equity.

Not long after Joss arrived he decided a $500 million preference share issue was essential, arguing to the board that strongly capitalised banks have more opportunities open to them, are able to perform better and attract greater respect.

Joss quickly identified Westpac's two main flaws as problem loans and high costs.