Westpac is about to chop 200 financial institution teller positions however is not going to scale back total headcount throughout the enterprise.

In accordance with Information.com.au, employees had been knowledgeable by way of electronic mail on Tuesday (September 23) in regards to the job losses, as Westpac plans to rent 200 bankers for its dwelling lending and small enterprise divisions.

Regardless of committing to maintain branches open, Westpac says the discount in teller roles is important to help its “digital-first technique”.

Nevertheless, the finance union has criticised the transfer as “callous”, arguing that telling employees to encourage clients onto digital platforms is successfully placing them out of labor.

Some, however not all, of the 200 affected employees can have the chance to retrain as dwelling lenders.

“Due to the investments we’re making, we’ve already began upskilling our individuals,”

Retail Banking Normal Supervisor Damien Macrae advised employees within the electronic mail.

“Previously 12 months, we have now seen 33 of our individuals take the following step of their profession by transferring from our branches to turn out to be a house finance supervisor. We count on this quantity to develop.”

The financial institution beforehand introduced 1,500 job cuts in Could and has allotted US$5 million to a “improvement fund” for workers impacted by the most recent spherical of modifications.

“We’re making these investments as a result of we recognise the character of the work we do is altering,”

Macrae added.

“As we mentioned at the moment, over the approaching 12 months we are going to appoint round 200 extra lenders and bankers to attain our dwelling lending and small enterprise ambitions. On the similar time, we are going to want round 200 fewer tellers and private bankers’ roles in retail banking.”

Westpac employs 30,000 individuals throughout Australia and recruited 5,000 employees up to now 12 months.

A spokesperson stated:

“We modify the composition of our workforce in keeping with our funding priorities. Whereas we proceed to spend money on additional bankers, different areas may have fewer sources. This implies every now and then we make modifications which will impression some roles and tasks as we actively handle prices and funding. As the abilities and capabilities required in banking proceed to evolve, so will our workforce.”

The massive 4 banks signed a moratorium in February, agreeing to not shut any extra regional branches till no less than 2027.

In April, Westpac reopened branches in regional NSW, Victoria and Tasmania.

Job cuts in Australian banks have surged this month.

ANZ is about to axe 3,500 employees plus 1,000 contractors over the following 12 months, whereas NAB introduced over 400 know-how and enterprise roles can be reduce.

Earlier in Could, Westpac trimmed 1,500 positions, and the Commonwealth Financial institution has introduced 164 job losses this 12 months.

The Finance Sector Union experiences that 7,885 jobs have been reduce as much as mid-September, a 70% improve in layoffs in contrast with 2024.

Featured picture credit score: Westpac