Westpac Banking Corp. is preparing to cut over 1500 jobs, which would be the bank’s largest round of job cuts in a decade. According to a report by the Australian Financial Review, this move is part of Westpac’s efforts to meet major cost-cutting goals.
These job cuts are part of Westpac’s UNITE program, which started in 2023. The program is meant to update the company’s technology systems and reduce the number of platforms it uses. It also aims to modernise its systems and lower long-term running and maintenance costs.
The report suggests that this move follows the appointment of Anthony Miller as Chief Executive Officer in December. Since taking the role, he has already made major changes to the leadership team.
Miller has reportedly asked managers to plan for a 5% staff reduction across most departments in the coming months. This information comes from two people familiar with the matter who are not allowed to speak publicly, reported Bloomberg.
Based on Westpac’s most recent data on full-time employees, cutting 5% of the workforce would result in around 1,700 job losses. This would be in addition to the 900 full-time positions that were eliminated in the last financial year.
As of September 30, 2024, Westpac had 35,240 employees worldwide, based on its latest annual report.
In a response to Reuters, Westpac said it regularly changes its staff size depending on where it needs to invest more. The company did not confirm how many jobs will be cut. However, it added that while its hiring more staff for customer-facing and banking roles, other areas may need fewer workers.