Media release

The Finance Sector Union (FSU) says widespread job cuts across Westpac are fueling deep uncertainty among workers, with roles cut or outsourced across technology, lending, treasury, call centres and retail.

At least 200 jobs have already been cut in the last month, with many more workers being moved into larger teams with fewer managers as the bank rolls out job cuts across multiple divisions.

More job cuts are expected across Westpac in the coming months as the union warns the scale and spread of the changes means no part of the bank feels secure for workers.

The FSU says the latest changes come after an internal Westpac leak last year showing the bank intended to cut 1500 jobs.

When challenged, Westpac refused to confirm or deny this and instead notified the union of job cuts in a piecemeal way, just prior to them taking effect.

The latest job cuts have included the outsourcing of work to third-party contractors including Concentrix, Genpact and Tata.

This involves outsourcing sensitive work, including details of customers experiencing hardship, reigniting concerns about offshoring and the loss of experienced, local staff.

Workers report the changes are leading to frustration from customers, which is placing workers in increasingly difficult situations.

The cuts are also affecting customers, particularly in retail banking where new operating arrangements mean some branches will close earlier and limit certain services during the morning.

The FSU is demanding that Westpac provide greater transparency of any proposed changes, consult with workers before any restructure is finalised, prioritise redeployment before outsourcing work and to protect customer services.

Finance Sector Union National Secretary Julia Angrisano said:

“These cuts are happening right across the bank, from technology to lending, treasury, call centres and branches - workers are being told their jobs are at risk of their roles disappearing.

“There is enormous anxiety among workers because they simply don’t know where the next restructure will hit.

“These decisions are not just about job cuts - they are about outsourcing Australian banking work and hollowing out the skills and experience inside the bank.

“These restructures are short-sighted and risk damaging service for customers while undermining the experience and capability of the workforce.

“Westpac needs to stop treating workers as disposable and start working with them to identify solutions that protect jobs, service quality and long-term capability.”

Anonymous quotes from Westpac workers:

“One moment you’re talking to someone, the next they have a hollow circle on teams and are missing from the people directory.”

“We’re losing hundreds of years of institutional knowledge that we can’t get back.”

“Staff are very hesitant to stand outside from 9.15am directing customers to the ATM. Customers get angry and tell us off, it isn’t safe.”