In a callous and shocking move, Westpac has axed hundreds upon hundreds of jobs in just a few short weeks, with many more job cuts to come.
This devastating announcement was made smack bang in the middle of a cost-of-living crisis where workers are already struggling to make ends meet.
Meanwhile, Westpac’s profits continue to skyrocket with the bank having recently announced a half-yearly 22% jump on profits to a massive $4 billion.
They’ve claimed they need to cut costs during difficult economic times, yet have thrown out close to $25 million on NRL sponsorship and their executives keep getting huge pay rises.
This clearly demonstrates Westpac is making a choice to prioritise profits over people.
Westpac is a very profitable bank built off the backs of hardworking staff who go above and beyond every day. These cuts are a slap in the face to those who have worked so hard to get the bank to where it is today and shows a blatant disregard for its staff, customers and communities.
These job cuts also mean tens of thousands of work hours are now lost to the business. And it will be left to those who remain to pick up the pieces and cover this workload at a time when we know many are already overworked and close to burnout.
Westpac has an obligation to make sure our workplace is safe, and this includes ensuring our workloads are safe and manageable. So please tell us if you feel your workloads are unsafe or if you are concerned about the additional workload from these job cuts.
The FSU and Westpac staff will be fighting back against these short-sighted job cuts.
There are some actions you can take below to show your support and stand up against Westpac.
So far Westpac has gone about these job cuts in a completely disrespectful and harmful fashion. Staff have experienced shockingly poor communication, been pre-selected for the cuts before they were even announced, are training overseas staff to replace themselves and will even have their work outsourced to agencies. It shows a complete disrespect and disregard for the work we do.
With more job cuts to come, we need your help to take back control over the decision-making around these abhorrent cuts. Sign our petition demanding Westpac consult with us early and thoroughly so we are genuinely heard.
If you are a Westpac staff member who has been impacted by these cuts, complete our feedback form and tell us how these cuts have affected you.
The FSU has also written to the NSW, ACT, VIC and TAS Treasurers outlining the impact that these job cuts will have on service delivery across the public sector and beyond. You can read our letters below.
Here’s a list of all Westpac workplaces where we’ve been notified job cuts are taking place.
Number of jobs cut
Remediation Delivery & Optimisation
Tax & Accounting Services, Platforms Service & Operations, Technology
Group Regulatory Affairs, Risk
Group Property, Leasing and Workplace teams
Consumer Bus Banking Technology
Consumer Bus Banking Digital
Consumer Business Banking Chief Transformation office
Cash Services – Customer Experience Transformation
Chief Transformation Office, Risk
Non-Financial Risk and Chief Compliance Office
CBB Risk Operational Risk & Compliance
CBB Risk – Business Lending
Mortgage Operations Sales Support Unit
Banking as a Service business
Insights & Portfolio Team, Mortgage Operations
Consumer & Business Customer Engagement – Operations & Effectiveness
Business Services Operations Team, Mortgage Operations Origination
Corporate Services, Corporate Reporting & Analytics Business
Brand and Marketing
Group Operations – Mortgage Operations Capability Team
Group Operations Contact Centre – Mortgage Quality
Consumer & Business Customer Engagement – Home Lending Distribution
Consumer & Business Customer Engagement – Premier Change
Commercial Relationship Banking, Consumer & Business Banking
Chief Transformation Office
5 Branch closures
Program Delivery Changes, Consumer & Business Banking
Disputes & ATMs and Merchant Fraud & Chargebacks Team Changes
Private Wealth, Consumer & Business Banking
Fin Markets - WIB
Service Operations/Digital Solutions Team (IT Help Desk)
Jobs lost in 2023