Westpac is cutting 132 jobs from risk management, operations and sales – including 70 roles that will be off-shored to India and the Philippines – as it shrinks its cost base to reflect slowing credit growth.

The bank notified the Finance Sector Union (FSU) this week about 112 of the cuts, after flagging 20 jobs would go in January. These come on the heels of about 1000 staff cuts across its business and retail banks last year, as Westpac tries to hit aggressive cost targets, bowing to investor pressure.