The Finance Sector Union (FSU) is concerned about the loss of 62 jobs at Westpac’s risk division as Australian bank customers face an unprecedented level of scams which fleeced customers of more than $600 million over the last year.
FSU National Secretary Julia Angrisano said Westpac has advised the union that the 62 roles were being axed including 12 from Risk (DCRO), seven from Technology Risk, 15 from CBB Risk, and 25 from NFR Compliance.
“The same day that Westpac notified the FSU about job losses in the Risk Division, CEO Peter King told the ASX ‘Risk management remains a priority’,” Ms Angrisano said
“Westpac is also party to the new Australian Banking Association strategy to cut the numbers of scams hitting bank customers, including limiting payments flowing offshore to risky overseas crypto-currency platforms.”
“How on earth does Peter King think Westpac can protect the bank and its customers from the proliferation of scammers when it is cutting so deeply into its Risk Division?”
“Risk management is hardly a priority at Westpac when it is making new job cuts on top of almost 100 other risk jobs being slashed in 2023.”
In addition, Westpac has announced that a further 50 positions will be offshored from their Group Operations division. Westpac says the roles will go to contract companies Genpact, TATA Consulting Services and Concentrix.
The cuts include: Institutional Banking (WIB), Corporate Lending with positions going to TATA Consultancy Services (TCS). Institutional Banking (WIB), Payment Services and Operations with positions going to Genpact. 41 positions across Consumer Finance Operations going to Concentrix.
Ms Angrisano said: “Westpac’s strategy of continually outsourcing jobs to external service providers does nothing for staff morale and sends the message that staff need to toe the line or their jobs could be offshored.
“Forget loyalty and hard work from its employees. Westpac isn’t interested in building an effective corporate culture that delivers for customers and staff. It’s only interested in generating even greater profits.”
Ms Angrisano said the latest job losses followed another 20 cuts to the Sales Support Unit in Mortgage Services in January, jobs which had also been outsourced to Concentrix.
“There appears to be no end in sight to these cuts. Instead of running an integrated banking operation, Westpac now looks more like a patchwork of third party providers doing work that our members have the skills and capability to perform locally.”
Media contact John Hill 0412 197 079
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