Finance Sector Union fury over Westpac’s plan to cut up to 1500 jobs
The Finance Sector Union says it was blindsided by Westpac’s plans to slash hundreds of jobs - the same year it posted a $7bn profit - calling on its boss to immediately shelve his cost cutting plans.
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The Finance Sector Union says it was blindsided by reports of Westpac’s plans to slash hundreds of jobs across the country, calling on the bank’s chief executive Anthony Miller to immediately shelve his cost cutting plans.
Responding to reports Westpac is considering trimming its workforce by 5 per cent – or more than 1500 staff – the union said it was “greatly concerned” and had reached out to the bank for an urgent explanation and confirmation of the bank’s redundancy plans.
Finance Sector Union (FSU) national president Wendy Streets said the reports were “deeply disappointing”, particularly given the bank reported a $7bn net profit just last year.
“FSU members and Westpac employees have faced ongoing uncertainty and significant job losses over the past few years with more job cuts now under a new ‘business-led simplification program’ - Unite,” she said.
“As the new CEO, Anthony Miller had an opportunity to invest in his existing, dedicated workforce. He appears to be choosing not to do so.
“Our members have worked hard to turn massive profits for Westpac over the years – they deserve to be rewarded and not have their jobs brutally cut for the sake of cost savings and even bigger profits.”
The planned job cuts, first reported in Nine Newspapers on Tuesday night, come as new chief executive Anthony Miller looks to shake up the bank’s cost base after recent changes to the executive team and a push into the competitive business lending segment.
The reports suggest Mr Miller has asked his managers to consider how they will reduce the number of employees by 5 per cent across most teams within the next few months.
A Westpac spokesman confirmed some resourcing decisions were being considered, but would not comment on the types of roles or locations that would be affected most by any planned job cuts.
“We adjust the composition of our workforce according to our investment priorities. While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources,” he said.
“This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment. As the skills and capabilities required in banking continue to evolve, so will our workforce.
“We try to keep as many employees as we can, through retraining and redeployment. For those who leave, we help them with tailored support and assistance with career transition.”
News of Westpac’s job cuts comes just days after the Commonwealth Bank told workers it would axe 163 jobs, including 58 from its Bankwest arm.
According to the FSU, 90 of the remaining 105 CBA job losses are located in NSW, with the remainder in Victoria, Tasmania, WA and Queensland.
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Originally published as Finance Sector Union fury over Westpac’s plan to cut up to 1500 jobs
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