Westpac has axed more than 100 jobs in its premier banking division, a week after cutting 300 jobs from head office.
Staff were informed of the changes this week, with the mortgage operations and commercial relationship banking divisions also hit. It is understood up to 116 jobs are going in premier banking – a segment dedicated to customers earning more than $300,000 a year but not enough to qualify for the private bank – with about 30 staff in the other arms also scrapped.Natalie Boog“In February 2022, we announced plans to simplify the bank, improve accountability and reduce costs.
Westpac has long flagged its ambition to cut its headcount by 20 per cent compared with 2020 levels by 2024 to get costs under control. At its 2022 financial year results, Westpac had trimmed about 12 per cent of the roles it was planning to. Last week it cut 300 jobs from its head office, which the Financial Sector Union national secretary Julia Angrisano said was “callous”. The bank had also moved to closeThe company has pulled the plug on dozens of contractors as part of the cost reduction effort.