A second major bank in Australia has announced a raft of job cuts as a technological overhaul sees a push for jobs to go overseas.
Westpac will cut about 250 jobs this month, with 140 being cut this week alone.
Westpac will cut hundreds of jobs, but will offer support to those impacted. Lisa Maree Williams/Getty Images
However, the company insists a switch towards AI is not the reason for the changes.
“The shape of our workforce changes according to the investment priorities of the Group. While we continue to invest in extra bankers, digital delivery and customer-facing roles, other programs may be completing or require fewer resources,” a Westpac spokesperson told nine.com.au.
“This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment. As customer habits change, and the skills and capabilities required in banking continue to evolve, so will our workforce.”
The company said it would offer support and assistance to staff who would be made redundant in this process.
NAB CEO Andrew Irvine said the company was battling “challenging economic conditions.” NAB
It comes the same week NAB announced plans to axe 2500 jobs as the bank tried to battle “more challenging economic conditions.”
“We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them,” NAB CEO Andrew Irvine said on Tuesday.
“We will treat every person with dignity and respect.”
The tumultuous week reflects the fragile climate in the banking sector, with many of Australia’s big banks shedding jobs since the start of last year.
NAB had already cut 400 jobs previously, while ANZ cut about 100 jobs in New Zealand in September.
Last year, ANZ had announced plans to axe 3500 jobs by the end of September 2026.
CBA also shed about 172 jobs.
ANZ has undergone a raft of job cuts since last year. Supplied
In turn, the three banks have looked to increase its workforce overseas, in a sign that employment at banks within Australia is becoming more unstable.
According to the Australian Financial Review, ANZ has about 11,500 staff offshore in the Philippines and India, representing 30 per cent of its workforce, while CBA and NAB have also been expanding their presence within India.
NAB is preparing to hire 1000 staff in India and Vietnam.
National Assistant Secretary of the Financial Services Union, Nicole McPherson, criticised the extended job cuts in Australia’s banking sector, claiming the changes are part of a move to introduce AI into the companies.
“All banks need to look at the bigger picture and see their employees as more than just numbers on a balance sheet.
“They are people with families who support other people with families and the value they bring to a company can never be fully replaced by a machine.”