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Westpac Under Fire from Finance Sector Union Over Major Job Cuts

Westpac Under Fire from Finance Sector Union Over Major Job Cuts

Westpac Under Fire from Finance Sector Union Over Major Job Cuts?w=400
Westpac is facing scrutiny from the Finance Sector Union (FSU) as the bank plans to cut over 1500 jobs.
This potential redundancy marks Westpac's most significant in the past decade, prompting the union to seek urgent clarification.
The FSU also demands a halt to the proposed cuts, highlighting lack of consultation in the decision-making process.

A representative from Westpac withheld details on the job cuts when asked by The Nightly. The spokesperson argued that workforce adjustments align with Westpac's investment priorities, indicating that while customer-facing roles are being bolstered, other areas might see resource reductions to manage costs efficiently.

Wendy Streets, FSU national president, emphasized the ongoing uncertainty and job redundancies confronting its members at Westpac. According to the union, Westpac has already eliminated nearly 1000 roles in the past year, affecting areas such as technology and business wealth divisions.

Streets criticized the new CEO Anthony Miller, suggesting he is missing an opportunity to invest in Westpac’s loyal workforce. "It’s disappointing, especially given Westpac's significant profit of $7 billion last year," she said.

Simultaneously, changes in the banking sector have seen Bankwest, a subsidiary of Commonwealth Bank, undergoing its own adjustments. It has shed 163 roles, with the closure of its last metropolitan branches in Perth as it pivots to becoming a digital-only operation.

As Westpac aims for increased digitization and streamlining its operations, launched through its recent half-year presentation, the focus stays on simplifying business models and reducing branch footprints. Despite a slight dip in profit, Westpac reported marginal changes in revenue for the half-year, attributing some financial strains to increased wages.

These developments come amid a broader trend of downsizing seen across major banks, responding to reduced dependence on physical branches. In line with this digital transition, Bankwest recently unveiled a new app and website, reflecting its commitment to bolster its digital infrastructure.

The financial landscape continues to evolve rapidly, with customers increasingly turning to digital banking solutions. As banks adapt to these trends, significant workforce impacts are anticipated, sparking calls for greater transparency and dialogue between banks and unions.

Published:Friday, 30th May 2025
Source: Paige Estritori

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