# Westpac to layoff 300 workers in business and retail unit, says trade union
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-06-12
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Westpac to Layoff 300 Workers Amid Strong Profit Growth
Meta Description: Australian lender Westpac Banking Corp will cut around 300 jobs in its consumer and business banking segments, impacting workforce and operations.
URL: https://financedigest.com/westpac-to-layoff-300-workers-in-business-and-retail-unit-says-trade-unionhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-06-12t031956z1lynxmpej5b02artroptp4westpac-layoffs-1736813908782-compressed.jpg)

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

(Reuters) – 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.

The Finance Sector Union of Australia (FSU) 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.

The potential layoffs represent 0.8% of Westpac’s total full-time equivalent workforce of 37,476, as at September 2022.

Reuters could not independently get hold of the internal memo.

FSU National Secretary Julia Angrisano condemned the cuts and said, “Westpac workers have already been [struggling with excessive workload demands](https://www.financedigest.com/global-factories-struggle-for-momentum-amid-patchy-demand.html "Global factories struggle for momentum amid patchy demand"), and these cuts mean those who are left behind will need to do more with less.

Westpac in May, alongside major lenders including ANZ [Group](https://www.financedigest.com/regulatory-efficiency-at-the-heart-of-banking-group-profitability.html "Regulatory efficiency at the heart of banking group profitability"), National Australia Bank as well as Singapore’s DBS Group warned about pressure on the banks’ net interest margins going ahead as interest rate cycles near peaks.

In May, Westpac, Australia’s No. 2 mortgage provider [reported a 22% rise in its first half net profit](https://www.financedigest.com/sugar-group-tereos-reports-leap-in-core-profit-as-prices-rise.html "Sugar group Tereos reports leap in core profit as prices rise") to A$4.00 billion ($2.70 billion) amid a high-inflationary environment.

The [bank could not be reached immediately for a comment on account of a public holiday](https://www.financedigest.com/to-take-or-not-to-take-the-self-employed-bank-holiday.html "To take or not to take? The self-employed bank holiday") on Monday.

($1 = 1.4839 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi Aich)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---