Despite experiencing strong profit growth, WestPac, one of Australia’s leading banks, has announced plans to cut 300 jobs in its Consumer and Business Banking Division. The Finance Sector Union of Australia (FSU) attributes this decision to the rise in interest and inflation rates. The job cuts account for approximately 0.8 percent of WestPac’s total full-time workforce.
“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,” said FSU’s National Secretary, Julia Angrisano.
The Australian bank, along with ANZ Group, National Australia Bank, and Singapore’s DBS Group has been warning about pressure on the bank’s net interest margins. WestPac has reported a 22 percent increase in its first half net profit to $2.70 billion.
