Westpac denies reports of job outsourcing to India

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Australia's leading bank Westpac Banking Corporation has denied media reports of outsourcing its 3,000 back office jobs to India during next three years.

"I haven't seen any piece of paper with that kind of number," Westpac Chief Executive Gail Kelly was quoted by Sydney Morning Herald as saying.

Kelly said the bank would be keen to outsource functions if there was another business that could perform a function more efficiently. On the query if there would be an increase in offshoring, Kelly said: "Absolutely."

Meanwhile, the country's apex body Finance Sector Union (FSU) demanded the federal government to review all bank licensing arrangements to ensure back office jobs stay in Australia.

The union's call follows a report that Westpac – which on Thursday announced a 34.2 per cent jump profit for the six months to March 31 to USD 2.202 billion - is expected to shift the work of up to 3,000 of its back-room staff to overseas locations such as India during the next three years.

"Back office workers are the backbone the Australia's major banks performing hundreds of important tasks such as handling customers' sensitive banking information," FSU secretary Leon Carter said.