Westpac has announced plans to make 140 workers redundant across numerous parts of the bank.
This follows Westpac sacking 102 workers in its risk, institutional banking and finance teams a fortnight ago.
FSU national assistant secretary Nicole McPherson said the union was concerned more job losses could be on the way.
“These stealthy job cuts at Westpac are the Christmas gift no one asked for, and the FSU holds grave concerns that Westpac has more in the works,” Ms McPherson said.
“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.”
The union also voiced concerns about the surge of artificial intelligence replacing jobs across the banking sector.
“The FSU believes the seductive automation potential of AI is really driving their hunger for the emerging technology,” the union said.
“A lack of strong regulatory guardrails for AI is another factor adding to workers’ sense of vulnerability.”
A Westpac spokesperson said the redundancies came as the company’s investment priorities shifted.
“While we continue to invest in extra bankers, digital delivery and customer-facing roles, other programs may be completing or require fewer resources,” the spokesperson said.
“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.”
It comes after National Australia Bank announced it would cut up to 2,500 jobs as part of a major shake-up aimed at simplifying its business model.
The bank said the cuts will be carried out by the end of June, with up to 1,500 roles to go before the end of 2026.
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