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Highlights

  • Westpac reportedly plans to cut around 1,500 jobs, about 5% of its workforce, amid operational restructurings.
  • The bank aims to simplify operations, reduce branch footprint, and expand digital and AI initiatives under CEO Anthony Miller.
  • The Finance Sector Union criticizes the potential cuts, highlighting a lack of consultation and urging support for existing employees.

Westpac Banking Corporation (ASX: WBC) is one of Australia’s major banks, offering a wide range of financial services including retail, business, and institutional banking. It operates across Australia and New Zealand, serving millions of customers.

Westpac Banking Corporation is reportedly preparing to reduce its workforce by approximately 1,500 employees, representing about five percent of its 36,000 staff. The possible job cuts come as part of the bank’s ongoing efforts to realign its workforce with evolving business priorities and operational changes.

A spokesperson for Westpac declined to confirm the exact number but acknowledged the bank is adjusting its workforce composition based on investment needs. While the bank continues to hire for customer-facing and banking roles, other areas may require fewer resources. The spokesperson emphasized the bank’s intention to manage costs while adapting to the changing skills and capabilities required in the banking industry.

Newly appointed CEO Anthony Miller has outlined a plan to simplify Westpac’s operations and increase the use of technology across its services. As part of this strategy, the bank is working toward a simpler operating model, reducing its branch network, and accelerating digital initiatives. Westpac is also investing in artificial intelligence (AI), having developed several AI solutions and is in the process of building more.

The proposed job reductions follow a series of cuts and branch closures announced by Westpac and other major Australian banks over recent years. In 2024, Westpac closed around 20 branches across several states. Similarly, the other big four banks—NAB, Commonwealth Bank, and ANZ—have collectively announced job cuts exceeding 2,000 in recent years.

Westpac reported a slight decline in profit for the first half of the 2025 financial year, with USD 3.3 billion in earnings, down 1 percent from 2024. Revenue remained steady at $10.95 billion.

The Finance Sector Union (FSU) expressed concern over the reported cuts, stating that the union had not been consulted. FSU National President Wendy Streets criticized the potential job losses and urged the new CEO to invest in the current workforce instead of pursuing further reductions.

"Our members have contributed significantly to Westpac’s profits and deserve recognition rather than job cuts driven by cost savings," Streets said.

The bank stated it aims to retain as many employees as possible and will explore opportunities for retraining and redeployment. The restructuring forms part of Westpac’s broader Unite strategy, which seeks to reshape the bank’s business model in response to changing market conditions and customer needs.