Westpac Banking Corp to axe over 1,500 jobs in biggest shake-up in a decade

Westpac Banking Corp's plan to cut jobs is part of a broader overhaul under its internal strategy, 'Unite', which aims to streamline operations and modernise technology

Westpac Banking Corp is gearing up for its largest round of job cuts in ten years, with plans to reduce more than 1,500 roles as part of a sweeping transformation aimed at slashing costs, according to a report by the Australian Financial Review, citing unnamed sources.

 

The move is part of a broader overhaul under the bank’s internal strategy known as “Unite”, which focuses on streamlining operations and modernising technology.

 

The restructuring comes on the heels of CEO Anthony Miller’s appointment in December 2024. Since taking charge, Miller has initiated changes to the leadership team, most prominently by recruiting Nathan Goonan from rival National Australia Bank Ltd to serve as Westpac’s Chief Financial Officer (CFO).  ALSO READ: Burberry to cut 1/5 of its workforce globally as profits plunge, costs rise

 

According to the Australian Financial Review, Miller has directed managers to explore a 5 per cent reduction in headcount across most departments in the coming months. Though the final number of job losses has not been confirmed, such a reduction would equate to approximately 1,700 roles, based on Westpac’s last disclosed full-time workforce. This would be in addition to the 900 jobs already cut in the previous financial year.

 

“While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources,” a Westpac spokesperson said.  

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  “This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment," he said.

 

The bank, headquartered in Sydney, has been facing mounting pressure to reduce expenses as it pivots toward lower-margin business lending—a strategy that has begun to weigh on its earnings. Since releasing its financial results earlier this month, Westpac’s share price has dropped by more than 5.8 per cent.

 

[With Bloomberg inputs]  

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