Westpac is considering job reductions, with reports indicating plans to cut more than 1,500 positions as part of a cost-saving initiative led by its new CEO, Anthony Miller. This move aims to enhance efficiency in the bank’s systems and technology, as highlighted by the Australian Financial Review.
Unverified sources disclosed to the Nine newspaper that management has been tasked with assessing how to reduce employee numbers by approximately 5% across various teams in the coming months. These developments follow disappointing first-half financial results, which prompted the bank to reassess its workforce structure.
While Westpac has not confirmed specific figures, a spokesperson acknowledged that redundancies are under consideration. They explained, “We adjust the composition of our workforce according to our investment priorities.” The bank continues to invest in customer-facing roles, but acknowledges that some initiatives may require fewer resources, leading to potential alterations in roles and responsibilities. The spokesperson added that as the banking sector evolves, so must their workforce, indicating efforts will be made to retrain and redeploy staff where possible.
Currently employing over 30,000 people in Australia, a 5% cut could see about 1,700 positions eliminated, adding to the nearly 900 full-time jobs that were lost in the last financial year. Meanwhile, competitor Commonwealth Bank of Australia has also announced job cuts, revealing 163 positions will be eliminated, contributing to a total of approximately 800 redundancies at CBA and Bankwest over the past year.