Westpac, the Australian multinational banking and financial services company headquartered in Sydney, is preparing to trim its workforce. At least 1,500 jobs will be cut. Managers across the bank have reportedly been directed to eliminate five per cent of the workforce over the upcoming months. The cuts may affect up to 1,700 employees, say reports. It is pertinent to mention here that Westpac has a branch in Mumbai, India.
No official figures have been communicated regarding the job cuts by the institution yet.
It is reported that this would be Westpac’s largest downsizing exercise in ten years.
These cuts come amidst efforts to cut costs and make processes more simple and efficient under Anthony Miller, the new CEO. The company is undergoing a major rehaul and transformation under its ‘Unite’ campaign, as part of an organisationwide review. In an effort to improve profits and streamline operations, Miller has undertaken a shakeup of the senior ranks.
The institution is reportedly looking at focusing on maintaining a workforce size that aligns with its investment priorities. Customer-facing roles may not be affected as much as other roles where only fewer resources are required.
Westpac posted poor revenues, which had resulted in investor confidence being shaken as per media reports. Interestingly, Westpac had hired almost 5,000 people over the past one year. Therefore, in order to reduce the impact of the job cuts, the company will endeavour to retrain employees or redeploy them as far as possible.
Currently, the company reportedly has a workforce strength of over 30,000 in Australia itself.
