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Westpac preparing for sweeping job cuts
- Westpac, an ASX-listed bank with nearly 36,000 employees, is reportedly preparing to cut about 5% of its workforce, or roughly 1,500 jobs, over the coming months.
- These job cuts follow Westpac CEO Anthony Miller's recent investor presentation outlining plans to simplify operations, reduce branches, and increase digitisation as part of the Unite strategy.
- Westpac continues investing heavily in artificial intelligence, having delivered eight AI solutions and established reusable AI patterns, while managing a $3 billion employee payout in the first half of 2025.
- Despite reporting $3.3 billion in profits for H1 2025, a 1% decline from 2024, Westpac's redundancy push follows a gradual pattern of branch closures and staff cuts across major Australian banks.
- The Finance Sector Union expressed it had not been involved in discussions about the cuts and emphasized the continued uncertainty faced by employees as Westpac pursues workforce changes through redeployment and retraining initiatives.
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Union calls on Westpac to shelve job cut plans — as it happened
Westpac hasn't put a number on job cuts, after reports 1,500 could go. The Australian share market is higher following the Reserve Bank's decision to slash interest rates. Look back on the trading day with the ABC business and markets blog.
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Leaning Left1Leaning Right5Center0Last UpdatedBias Distribution83% Right
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R 83%
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