Westpac to cut hundreds of jobs

Banking giant Westpac has unveiled a new raft of job cuts, just days after one of its major rivals declared an axing that will impact thousands.

Westpac is set to cut roughly 250 jobs just this month, 140 of which will be impacted this week, the bank has announced.

“The shape of our workforce changes according to the investment priorities of the Group. While we continue to invest in extra bankers, digital delivery and customer-facing roles, other programs may be completing or require fewer resources,” a Westpac spokesperson told media.

“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.”

The company says that despite its heavy investment in the technology, AI is not the reason for the latest wave of terminations.

Westpac said that staff made redundant would be supported throughout the process.

NAB’s 2,500 staff cut

Earlier this week, NAB said it would be axing 2,500 jobs total before the end of the 2026–27 fiscal year, with 1,500 to be removed before the end of the 2026 calendar year.

According to NAB CEO Andrew Irvine, the cuts are part of the bank’s initiative to make outcomes more efficient and to improve productivity.

“We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank,” he said.

The bank was called out by the Finance Sector Union (FSU), which vowed to fight the decision.

“NAB staff have suffered a year from hell after previous cuts and were no doubt looking forward to a break from the doom and gloom over Christmas,” said FSU national assistant secretary Nicole McPherson.

“Instead, their holiday cheer has been replaced with uncertainty over their futures.

McPherson added that the move was typical of what NAB thinks of its staff, which is as profit reducers. Staff were notified of the cuts via an email which was sent out at the same time as the stock exchange announcement.

Management was also unable to answer questions at a meeting following the announcement, a meeting which Irvine did not attend. NAB also refused to answer if AI was involved in the decision to cut jobs.

Staff have also commented on the restructure, accusing the bank of a “spill and fill” strategy, in which roles are axed and the employees impacted have to apply for the smaller number of jobs.

Speaking with the ABC, a number of staff have called out the bank for their redundancies and the uptake in offshore staff and AI.

"Until today, it's been a lovely place to work," said one anonymous staffer, being referred to as Dylan. Dylan has reportedly been part of the bank’s technology team for a decade, but is in the firing line.

In the initial statement, Irvine said it was going to be a difficult time for staff.

“We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them. We will treat every person with dignity and respect.”

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