Westpac Banking Group, one of Australia’s leading financial institutions, has announced plans to cut 300 jobs from its corporate functions that support the consumer and business bank division. The job cuts, which include positions in IT, are part of Westpac’s ongoing reset program aimed at simplifying operations, improving accountability, and reducing costs.
The impacted roles primarily include head office positions in areas such as change management, project delivery, and program management. While specific details about the breakdown of job cuts in the technology department remain unverified, sources close to the bank have indicated that technology workers are among those affected.
Westpac’s spokesperson stated that the bank had previously announced its intention to create a smaller and more focused head office while reducing the size of corporate functions by approximately 20%. These current organisational changes are part of the broader simplification and cost reset program initiated by the bank.
In response to the job cuts, the Finance Sector Union has expressed its concerns and is seeking urgent meetings with the affected staff. The union described the announcement as “outrageous and callous,” emphasising the need for employees to attend the scheduled meetings to discuss the impact of the changes. The meetings are set to take place on Friday, June 9, at 1 pm and 3 pm.
The union further stressed the importance of sending a strong message to Westpac, highlighting the value and significance of the affected employees’ work. It called for a united front to ensure that the bank recognizes the impact of these job cuts and the importance of supporting the workforce during this challenging time.
Westpac Banking Group’s decision to reduce its workforce in the corporate functions area comes as the bank continues to navigate its reset program, with the aim of achieving greater efficiency and cost reduction. The bank remains committed to supporting its employees throughout this reorganisation process.
