More than 300 families have received sudden and devastating news that Westpac plans to axe their jobs in the middle of a cost-of-living crisis, all while the bank's profits continue to skyrocket.
Westpac yesterday announced it would slash jobs from the Consumer and Business Banking Division, including technology workers and frontline services that provide essential customer support. Those hardest hit are at Barangaroo, Kent Street and Kogarah, but jobs cut are taking place right across the country.
Westpac also said it would close five branches (three in Victoria and two in New South Wales) by mid-July with no guarantee of ongoing employment for staff at these branches, adding to these already devastating cuts.
Finance Sector Union (FSU) National Secretary Julia Angrisano condemned the cuts and said it came without any prior warning or proper consultation.
"Westpac workers have already been struggling with excessive workload demands, and these cuts mean those who are left behind will need to do more with less," Ms Angrisano said.
"This will have a significant impact on frontline customer service and workers' ability to deliver on the level of support the community wants and deserves.
"To deliver these cuts in such a callous manner amid one of the worst cost-of-living crises we have ever experienced is a blow staff and their families cannot afford."
Westpac's decision to slash jobs comes merely a month after the bank posted skyrocketing profits, having recently announced a half-yearly 22% jump on profits to $4 billion.
Ms Angrisano said it clearly demonstrated Westpac was making a choice to prioritise profits over people and continuing to abandon customers and the community.
"This is a very profitable bank built off the backs of hardworking staff who go above and beyond every day," she said.
"No reason has been provided for these arbitrary job cuts and it's just a slap in the face to those who have worked so hard to get the bank to where it is today. It shows a blatant disregard for its staff, customers and communities.
"It's just not good enough and the FSU will be fighting back against this appalling and short-sighted decision."
The FSU will be holding an urgent meeting with impacted Westpac staff today.
