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Westpac to layoff 300 workers in business and retail unit, says trade union

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Australian lender Westpac Banking Corp will cut around 300 jobs in its consumer and business banking segments at a time of strong profit growth amid rising interest rates and soaring inflation, a local trade body said.

A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photowill cut around 300 jobs in its consumer and business banking segments at a time of strong profit growth amid rising interest rates and soaring inflation, a local trade body said.

The Finance Sector Union of Australia said on Friday the country's third-largest bank would reduce headcount from its Consumer and Business Banking Division, citing a Westpac internal memo seen by the union., as at September 2022.FSU National Secretary Julia Angrisano condemned the cuts and said, "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.

 

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