Westpac has announced plans to make 140 workers redundant across numerous parts of the bank.<\/p>\n
This follows Westpac sacking 102 workers in its risk, institutional banking and finance teams a fortnight ago.<\/p>\n
FSU national assistant secretary Nicole McPherson said the union was concerned more job losses could be on the way.<\/p>\n
“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.<\/p>\n
“All banks need to look at the bigger picture and see their employees as more than just numbers on a balance sheet.<\/p>\n
“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.”<\/p>\n
The union also voiced concerns about the surge of artificial intelligence replacing jobs across the banking sector.<\/p>\n
“The FSU believes the seductive automation potential of AI is really driving their hunger for the emerging technology,” the union said.<\/p>\n
“A lack of strong regulatory guardrails for AI is another factor adding to workers’ sense of vulnerability.”<\/p>\n
A Westpac spokesperson said the redundancies came as the company’s investment priorities shifted.<\/p>\n
“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.<\/p>\n
“This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment.<\/p>\n
“As customer habits change, and the skills and capabilities required in banking continue to evolve, so will our workforce.”<\/p>\n
It comes after National Australia Bank announced it would cut up to 2,500 jobs as part of a major shake-up<\/a> aimed at simplifying its business model.<\/p>\n 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.<\/p>\n Read related topics:Artificial Intelligence<\/a>Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Westpac has announced plans to make 140 workers redundant across numerous parts of the bank. This follows Westpac…\n","protected":false},"author":2,"featured_media":637900,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[312730,312771,312741,312723,45859,2246,312727,312767,312720,311012,288600,290642,312749,312759,312744,365,306974,312764,312752,363,312768,312754,916,1396,138,10709,312758,312721,312746,4731,312745,312755,5988,312737,312734,36469,312763,312725,312726,312748,312756,312731,232,13419,296131,312770,75276,195745,312735,312769,265752,312761,73689,247936,111,187831,312738,139,185743,87501,312750,69,21312,312765,312742,5202,384,1319,2171,39023,297447,312736,312747,265747,312757,294581,312733,16864,312729,312740,229398,312722,312724,312762,312753,280729,299372,312743,312728,265337,312739,312760,312732,312751,2044,312766,35931,17239,4478],"class_list":["post-637899","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-102-staff","tag-102-workers","tag-140-more-workers","tag-140-workers","tag-45859","tag-2246","tag-500-jobs","tag-500-roles","tag-a-balance-sheet","tag-a-company","tag-a-fortnight","tag-a-lack","tag-a-machine","tag-a-major-shake-up","tag-a-westpac-spokesperson","tag-ai","tag-all-banks","tag-another-factor","tag-another-major-bank","tag-artificial-intelligence","tag-at-least-140-workers","tag-bank-sackings","tag-banking","tag-banks","tag-business","tag-concerns","tag-costs-and-investment","tag-customer-habits","tag-customer-facing-roles","tag-days","tag-digital-delivery","tag-extra-bankers","tag-families","tag-fewer-resources","tag-finance-sector-union","tag-fsu","tag-fsu-national-assistant-secretary-nicole-mcpherson","tag-grave-concerns","tag-institutional-banking-and-finance-teams","tag-investment-priorities","tag-its-business-model","tag-its-risk","tag-jobs","tag-june","tag-just-weeks","tag-luis-enrique-ascui","tag-mass-layoffs","tag-mcpherson","tag-more-job-losses","tag-more-than-just-numbers","tag-more-workers","tag-ms-mcpherson","tag-nab","tag-national-australia-bank","tag-new-zealand","tag-newswire","tag-newswire-luis-enrique-ascui","tag-newzealand","tag-nicole-mcpherson","tag-no-one","tag-numerous-parts","tag-nz","tag-other-people","tag-other-programs","tag-our-workforce","tag-part","tag-people","tag-picture","tag-plans","tag-sense","tag-snapp-business","tag-some-roles-and-responsibilities","tag-strong-regulatory-guardrails","tag-the-bank","tag-the-banking-sector","tag-the-bigger-picture","tag-the-christmas-gift","tag-the-company","tag-the-cuts","tag-the-emerging-technology","tag-the-end","tag-the-fsu","tag-the-redundancies","tag-the-seductive-automation-potential","tag-the-skills-and-capabilities","tag-the-spokesperson","tag-the-surge","tag-the-union","tag-the-value","tag-the-way","tag-the-works","tag-their-employees","tag-their-hunger","tag-these-stealthy-job-cuts","tag-time","tag-up-to-1","tag-vulnerability","tag-westpac","tag-workers"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/637899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=637899"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/637899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/637900"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=637899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=637899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=637899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}