Westpac is preparing to cut more than 1500 employees in the bank’s biggest redundancy round in a decade as its new chief executive, Anthony Miller, pushes to meet ambitious cost reduction targets and transform the business by simplifying its processes and technology under a plan known as Unite.

Miller took the top job in December and has already made significant changes to the executive team. He has also revealed smaller margins as Westpac pushes into the competitive business-lending market, leading to first-half results that disappointed investors earlier this month.