One of Australia’s big four banks has been accused by the finance union of cutting hundreds of jobs in favour of profits.
The Finance Sector Union said Westpac has axed more than 650 jobs in the past six weeks and flagged more job cuts are coming.
The union said 751 jobs have been cut in 2023.
”This devastating announcement was made smack bang in the middle of a cost-of-living crisis where workers are already struggling to make ends meet,” the union said.
The union also criticised the bank for its massive profits in its half-yearly results, up by 22 per cent to $4 billion, while cutting jobs.
“This clearly demonstrates Westpac is making a choice to prioritise profits over people,” the union said.
”Westpac is a very profitable bank built off the backs of hardworking staff who go above and beyond every day.
“These cuts are a slap in the face to those who have worked so hard to get the bank to where it is today and shows a blatant disregard for its staff, customers and communities.”
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The bank said in it’s half-yearly results that “disciplined cost and margin management” has lifted its equity return and helped it to increase share dividends.
“We’ve set the balance sheet for the tougher outlook,” CEO Peter King said.
“We continue to run the bank conservatively, with the flexibility to support growth and handle the more challenging conditions.”
A Westpac spokesperson told 9news.com.au in response to the union’s criticism: “In February 2022, we announced plans to simplify the bank, improve accountability and reduce costs.
“This ongoing re-organisation is part of our simplification and cost reset program.
“We’ll be supporting our employees as we make these changes.”
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