If you’re a Westpac customer, employee, or simply someone who keeps an eye on the big banks, you might have felt a jolt of déjà vu this week.
Once again, one of Australia’s banking giants is in the headlines for all the wrong reasons—this time, for reportedly planning to cut more than 1,500 jobs, even as it rakes in billions in profits.
Find out what happened and how this might affect you.
What’s happening at Westpac?
According to reports from the Australian Financial Review, Westpac is preparing to ‘brutally cut’ over 1,500 roles in the coming months.
The move is part of a broader plan to simplify the bank’s technology systems and restructure its workforce.
While Westpac currently employs more than 30,000 people (with nearly 5,000 new hires in the past year alone), the bank’s new CEO, Anthony Miller, has reportedly asked managers to consider how they would trim 5 per cent of their teams.
A Westpac spokesperson, when pressed for details, didn’t confirm the exact numbers but did acknowledge that the bank regularly adjusts its workforce ‘according to our investment priorities.’ In other words, if the bank thinks it can do more with less, it will.
Why now?
The timing of these cuts is raising eyebrows, especially given Westpac’s recent financial performance.
The bank posted a staggering $7 billion net profit last year. For many, it’s hard to reconcile such massive profits with the prospect of hundreds—if not thousands—of loyal employees being shown the door.
The Finance Sector Union (FSU) has been quick to criticise the move. National president Wendy Streets said, ‘Westpac employees have faced ongoing uncertainty and significant job losses over the past few years with more job cuts now under a new ‘business-led simplification program’ called UNITE.’
‘As the new CEO, Anthony Miller had an opportunity to invest in his existing, dedicated workforce. He appears to be choosing not to do so.’
The human cost
It’s easy to get lost in the numbers, but behind every job cut is a person—often someone with a mortgage, a family, and years of service to the bank.
The FSU points out that Westpac’s workers have helped deliver those record profits, and many feel they deserve better than to be ‘brutally cut for the sake of cost-savings and even bigger profits’.
For those affected, Westpac says it offers ‘tailored support and assistance with career transition’ and tries to redeploy or retrain staff where possible.
But as anyone who’s been through a redundancy knows, the reality can be far more stressful and uncertain.
Why are banks cutting jobs when profits are so high?
This isn’t just a Westpac story—it’s a trend across the banking sector, both in Australia and globally.
As technology evolves, banks are investing heavily in digital platforms, automation, and artificial intelligence. That means fewer tellers and back-office staff, and more IT specialists and customer-facing roles.
Westpac says it’s still hiring in some areas, particularly for ‘extra bankers and customer-facing roles,’ but that ‘other programs and initiatives may need fewer resources.’ In plain English: if your job can be automated or outsourced, it’s at risk.
What does this mean for customers?
For customers, the impact can be mixed. On one hand, digital banking is faster and more convenient than ever.
On the other, fewer staff can mean longer wait times for help, less personalised service, and the closure of local branches—something that hits older Australians and regional communities especially hard.
A broader trend: The changing face of work
The Westpac cuts are just the latest sign of how the world of work is changing. Across industries, companies are under pressure to do more with less, and workers are being asked to adapt, retrain, or move on.
For some Australians, this can be particularly daunting—finding a new job or learning new skills isn’t always easy, especially in a tough job market.
What can you do if you’re affected?
If you or someone you know is facing redundancy, it’s important to know your rights. Redundancy payouts, retraining opportunities, and career transition support are all things you should ask about.
The FSU and other unions can offer advice and support, and there are government programs designed to help older workers get back on their feet.
Have your say
Are you a Westpac employee, customer, or someone who’s been through a redundancy? How do you feel about the big banks making huge profits while cutting jobs? Do you think technology is making banking better, or is something important being lost? We’d love to hear your thoughts and experiences—share your story in the comments below.
And if you’re worried about your own job security, remember: you’re not alone, and there are resources out there to help. Stay informed, stay connected, and let’s support each other through these changing times.
Also read: Millions of Australians left guessing as banks hide savings rate changes
It is all about what goes into the hierarchy’s pockets at the end of the year – less employees, more bonuses, have I got that wrong. We saw this sort of thing with Q airline & the Irish gnome, and all the money he took away with him. I know he had to give some back, but not nearly enough… I believe the word I am looking for is…greed. The people that will be shafted off the staff are the ones that NEED that job to keep their lives going, pay their mortgages, feed their family. And the banks had better not be doing what Q did to their staff: put them off and then employ people overseas to whom English is not the first language, and when one is calling to talk about one’s hard earned money, there must be many situations where something is misunderstood, which can be devastating for the customer. It is a degrading and very un-ethical practice.