Westpac Banking Group is set to cut 300 jobs from its corporate functions, including roles in IT, which provide services to its consumer and business bank division. These job reductions are part of the bank’s reset program, which was initially announced last year.
The impact of the cuts is primarily on head office positions, specifically in areas such as change management, project delivery, and program management. Although it is understood that technology workers are among those affected, the exact breakdown of the job cuts could not be confirmed at the time of publication, according to sources familiar with the matter.
A spokesperson from Westpac informed that the bank had revealed plans in February the previous year to simplify operations, enhance accountability, and reduce costs. The spokesperson stated that these measures involve streamlining the head office and decreasing the size of corporate functions by approximately 20%.
The ongoing reorganization is part of the bank’s overall simplification and cost reset program. The changes primarily affect corporate functions and contractors. Westpac emphasizes its commitment to supporting its employees throughout these changes.
The Finance Sector Union has expressed its concern regarding the job cuts and has requested urgent meetings with the affected staff. The union described Westpac’s announcement as outrageous and callous, stating that over 300 jobs in the consumer and business bank division located at Barangaroo, Kent Street, and Kogarah are being slashed. They have arranged a meeting to discuss the impact of these changes and highlight the importance of the affected employees’ work.
Meetings have been scheduled for Friday, June 9th, at 1 pm and 3 pm. The union aims to send a strong message to Westpac that the work performed by its employees holds significant value.