Daily Dispatches: Senior Westpac banker steps down

The respected head of Westpac's institutional banking division, Phil Chronican, has quit the bank after helping chief executive Gail Kelly steer the group through the global financial crisis. Chronican, a Westpac veteran of 27 years, was the leading internal candidate to succeed former boss David Morgan before the board opted to appoint Kelly who was then heading up St George Bank. (Business Day)

Some aspects of executive pay disclosure are so complicated that even some accountants - let alone average investors - struggle to get their heads around them, an inquiry examining the issue has been told. (The Age)

Fewer Australians are likely to lose their jobs over the next year than previously thought, as the economy performs better than expected, according to an OEDC report. (News.com.au)

Despite improving credit markets, Australian banks are in no hurry for the government's wholesale funding guarantee to be wound back, and say an exit strategy can only be implemented on an internationally co-ordinated basis. (The Australian)

CBA to compensate Storm Financial victims. (Daily Telegraph)

And it's looking to sale its businesses in Fiji. (Sydney Morning Herald)