Big four banks to shut 37 bank branches as closures hit ‘crisis point’

The big four banks are closing a branch every two days, with the latest round of cuts to hit 37 suburbs and take out nearly 200 jobs. See the full list.

The Financial Services Union is calling on the Albanese government to do “more” to prevent branch closures, with the big four closing one at a rate of every two days.

The union says the closing down of bank branches has reached a “crisis point” as three of big four banks announce a fresh round of 37 closures across the nation in the next three months.

The FSU said Westpac Group would close 24 branches; CBA is closing five and NAB is set to close eight banks. The closures will result in the loss of 182 jobs.

Since the pandemic branch closures have accelerated with more than 550 shut in the past two and a half years.

Finance Sector Union (FSU) national secretary Julia Angrisano is now seeking government intervention to save the country’s branch network.

“We must act to stop the banks walking away from communities in our suburbs and towns,” Ms Angrisano said.

“Communities depend on the banks to deliver financial services but if we don’t stop the current trend, there will be no branches left.”

About 40 per cent of the 37 branch closures flagged by the majors are in NSW, with Westpac shutting the doors in Lakemba, Kingscliff and Engadine, St George in Five Dock, NAB in Cronulla, Maroubra and CBA in Annandale and Lindfield.

The Wollongong suburb of Corrimal will be left with just a CBA branch with the departures of Westpac and NAB.

Qld is also hit with NAB exiting Wynnum and Westpac is leaving Nerang, Ashmore and closing its second last branch in Rockhampton.

Westpac Group chief customer engagement officer Ross Miller told The Australian the declining use of bank branches meant the bank was investing in digital services that more than 5 million of its customer use.

Westpac is the main culprit in the current round of closures. Picture: NCA NewsWire/Damian Shaw

“Declining customer use of branches means that in some instances, we may take a difficult decision to leave a branch location,” he said.

“We take steps to ensure customers are notified in advance about the changes and are directly connected with the services they need to continue to do their banking.”

Mr Miller said with customer needs changing, it has resulted in new opportunities for its as Westpac grows it phone, digital and virtual offerings.

NAB personal banking executive Krissie Jones said there would be no job losses at the bank as a result of any branch closures.

“Our colleagues will be offered job opportunities at other branches or throughout the organisation,” she said.

Ms Angrisano said self-regulation had not worked, and would seek the assistance of the Albanese government to ensure continued delivery of banking services, especially in regional areas.

Originally published as Big four banks to shut 37 bank branches as closures hit ‘crisis point’