**Westpac Plans Major Job Cuts Amid Cost-Cutting Strategy**
Westpac Banking Corp. is set to eliminate over 1,500 positions, marking its largest round of layoffs in a decade as part of a strategic initiative to achieve significant cost reductions. This move, reported by the Australian Financial Review, is part of a broader transformation plan dubbed “Unite,” which aims to streamline the bank’s processes and technology.
The decision follows the appointment of Chief Executive Officer Anthony Miller in December, who has already implemented notable changes within the executive team, including hiring Nathan Goonan from National Australia Bank Ltd. as the new chief financial officer. According to sources familiar with the situation, Miller has instructed managers to explore ways to reduce headcount by 5% across most teams in the coming months, although a final number of job cuts has yet to be determined.
A spokesperson for the Sydney-based bank stated, “While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources. This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment.” Based on Westpac’s last publicly available full-time employee count, a 5% reduction would equate to approximately 1,700 job losses, in addition to around 900 full-time positions cut in the previous financial year.
Westpac’s shares have declined by more than 5.8% since the bank released its results earlier this month, as it has been shifting focus towards lower-margin business lending, which has adversely affected earnings.
**FAQ**
**What is Westpac’s plan for job cuts?**
Westpac is planning to cut over 1,500 jobs as part of a cost-reduction strategy, aiming for a 5% reduction in headcount across most teams.
