Westpac move to axe 200 teller roles branded ‘callous and short-sighted’ by Financial Sector Union

Westpac is swinging the axe at its frontline staff, with 200 teller roles to go over the next year as the big four bank pushes customers further towards digital engagement with their money.

The Financial Sector Union had called it a “callous and short-sighted” move that will further erode vital face-to-face services.

But a Westpac spokesman said the bank adjusted the composition of its workforce according to its investment priorities.

“While we continue to invest in extra bankers, other areas may need fewer resources.”

Westpac has previously announced a $5 million so-called “development fund” to support existing staff in upskilling for the future, and the union is calling for this to apply to those impacted by job cuts.

“Westpac is asking loyal tellers to migrate customers to digital services that ultimately eliminate their own jobs,” said FSU Sector national secretary Julia Angrisano said.

“Communities still rely on face-to-face banking and workers should not be sacrificed for cost-cutting dressed up as innovation.

“Our expectation is clear: no worker should lose their job. We will hold Westpac to account every step of the way.

“Westpac must show leadership by redeploying every affected worker into new roles — not using digital change as an excuse to shed staff.”

It is understood Westpac will replace the tellers with branch concierges who will be on hand to help customers use the bank’s app and ATMs to manage their money.

At the same time, Westpac will appoint about 200 more staff to strengthen home and business lending growth.

“Over the coming year, we will appoint around 200 more lenders and bankers to achieve our home lending and small business ambitions,” general manager of retail banking Damien MacRae wrote to staff in an email, the Australian Financial Review reported.

“At the same time, we will need around 200 fewer tellers and personal bankers’ roles in retail banking.”

The cuts on Westpac’s frontline continue a recent run of bombshell announcements about job losses among Australia’s biggest lenders.

Two weeks ago, the FSU said Bendigo and Adelaide Bank had axed nearly 160 jobs, including 145 from its technology division.

It came the same week that new ANZ chief Nuno Matos revealed about 4500 jobs at the bank would go within the next year and National Australia Bank revealed 410 jobs would be slashed within its technology and enterprise division.

Earlier this month, Bank of Queensland said it would make 200 roles redundant and offshore part of its contact centre to India under a deal with CapGemini.

More to come