Westpac cuts 119 jobs, completes review

Westpac cuts 119 jobs, completes review

Summary: Westpac is set to lay off 119 more technology staff and transition their roles overseas today as it brings to a close its latest review of jobs.

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Westpac is set to lay off 119 more technology staff and transition their roles overseas today as it brings to a close its latest review of jobs.

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(That's not an axe image by Kelly Teague,
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The Financial Sector Union (FSU) said in a statement today that the jobs will primarily come from the bank's offices in Sydney's CBD and Kogarah in New South Wales, with other staff set to go in Queensland, South Australia and Victoria. While locations are known, it is still unclear at this stage what specific departments the jobs will be culled from. Westpac said only that the jobs would be coming from its newly formed Technology arm.

Westpac has previously slashed jobs from the technology sector as part of a review into jobs, which kicked off in November when the bank restructured itself, and also the best-sourcing program, announced by chief executive Gail Kelly around the same time.

This latest round of job cuts marks the end of Westpac's latest review into jobs, ZDNet Australia was told today.

FSU national secretary Leon Carter has slammed the bank for the latest round of layoffs, calling it "completely unjustified".

"[These employees] have the skills to do the work, they've been loyal employees and the only reason they are losing their jobs is because our most profitable bank thinks it can now get the job done more cheaply offshore," Carter said in a statement today.

Westpac's chief operating officer told ZDNet Australia in a statement that these job cuts represent the bank's continued commitment to efficiency and return for shareholders.

"The financial services industry is undergoing significant structural change as banks strive to become stronger by being more efficient and competitive in serving customers' needs. A key element of that change involves the work banks do and the composition of our workforces," he said, adding that this wasn't an easy decision to make.

"Restructuring decisions are always difficult, and are only made after a thorough review. We are acutely aware of the impact on our people, and are committed to supporting our people through this change. We have a strong track record in retraining and redeploying people."

Topics: IT Employment, Banking

Luke Hopewell

About Luke Hopewell

A fresh recruit onto the tech journalism battlefield, Luke Hopewell is eager to see some action. After a tour of duty in the belly of the Telstra beast, he is keen to report big stories on the enterprise beat. Drawing on past experience in radio, print and magazine, he plans to ask all the tough questions you want answered.

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