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RETAIL BANKING | Cesar Tordesillas, Australia

Australia's Westpac to cut more jobs

Australia's Westpac Bank announced that 126 more jobs would be cut in its efforts to reduce costs.


A Westpac spokesman said that affected employees were already informed about the decision. Just last February, Westpac announced its decision to cut 560 positions at the bank.

While Westpac expressed commitment in retaining core highly skilled technology workforce in Australia,  Westpac head of group media relations Paul Marriage said that some IT roles can be more efficiently done by external specialists like IBM.

The Finance Sector Union said 119 technology jobs would go overseas, with a further seven positions in the collections area of the ban to be outsourced either in Australia or overseas.

FSU National Secretary Leon Carter said the decision to axe those roles was totally unjustified.

"Australian bank customers are sick of banks sending jobs offshore, and Australian bank workers are sick of being sacrificed on the altar of profit," Carter said in a statement.

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