US EditionWestpac preparing for sweeping job cuts
- Westpac, one of Australia's largest banks with nearly 36,000 employees, is preparing to cut about 5 percent of its workforce, equating to roughly 1,500 jobs.
- This planned reduction follows new CEO Anthony Miller's strategy to simplify operations and increase technology use, which he outlined to investors in May 2025.
- The job reductions support Westpac's wider Unite initiative, which focuses on streamlining operations, downsizing the number of physical branches, and enhancing digital capabilities, including significant investment in artificial intelligence.
- Despite the cuts, Westpac reported $3.3 billion in first-half profits for fiscal 2025, a slight 1 percent decline from 2024, and $10.95 billion in flat revenue during this period.
- The redundancies continue a trend among Australia's big four banks, with uncertainty prompting workforce adjustments that may affect roles but include retraining and redeployment efforts.
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Union calls on Westpac to shelve job cut plans — as it happened
Westpac hasn't put a number on job cuts, after reports 1,500 could go. The Australian share market is higher following the Reserve Bank's decision to slash interest rates. Look back on the trading day with the ABC business and markets blog.
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Total News Sources10
Leaning Left1Leaning Right5Center0Last UpdatedBias Distribution83% Right
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