Westpac is bracing for a major round of redundancies, with reports suggesting more than 1500 jobs could be slashed in what would be the bank’s largest workforce reduction in a decade.
The bank’s new chief executive, Anthony Miller, is driving a cost-cutting campaign aimed at simplifying systems and technology under a transformation program dubbed “Unite.”
According to the Australian Financial Review, managers across the bank have been instructed to identify how to cut staff by 5 per cent—equivalent to about 1700 roles—over the coming months.
While Westpac would not confirm specific figures, a spokesperson told 9news.com.au that some redundancies are under consideration as the bank reviews its operations.
“We adjust the composition of our workforce according to our investment priorities,” the spokesperson said.
“While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources. This means, from time to time, we make changes that may impact some roles and responsibilities.”
The spokesperson added that Westpac had hired nearly 5000 people over the past year and would aim to minimise job losses through retraining and redeployment.
The looming cuts follow Westpac’s disappointing first-half results earlier this month, which saw investor confidence wane as margins tightened in the highly competitive business-lending sector. Since stepping into the top job in December, Miller has already overhauled the executive team as part of his broader strategy to streamline operations and restore profitability.
Westpac, founded in 1817, which currently employs more than 30,000 staff in Australia, had already shed nearly 900 full-time jobs in the last financial year.
In 2012, Westpac opened its maiden branch in Mumbai, India, to support Australian customers and a growing number of Indian customers with trade and investment links to Australia.
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