Westpac ready to axe thousands of jobs

Westpac is ready to axe thousands of jobs

Australia’s biggest bank, Wespac, has sacked more than 100 workers already from back-room jobs in Kogarah, and now it’s on-course to axe thousands more bank employees over the next two years.

The workers with their jobs now on the line are mostly in head office positions, support workers and administrative personnel. Middle management, who have already been greatly thinned-out by three decades of computer technology, are also on the endangered-species list.

This is all part of a cost-cutting exercise, designed to “streamline its operations” and thus make the financial giant even more attractive to its shareholders.

In years past, the Commonwealth Bank of Australia had been the biggest bank ‘down under’, but that status changed when Westpac took over the St George Bank in December 2008, for $12.1 billion dollars.

The 100+ workers Westpac just sacked were from the Kogarah premises, south of Sydney, where St George Bank had built their headquarters. This is the first major shakeup of their operations since Westpac Bank absorbed St George.

Westpac was established in 1817 when it was known as the Bank of New South Wales. It changed its name to Westpac Banking Corporation in October 1982, after taking over the Commercial Bank of Australia. And it expanded into all the states and territories of Australia.

Now its CEO, Gail Kelly, has already raised the possibility of sending more of Westpac’s jobs offshore, to places such as India or the Philippines.

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Authored by: Sean McInnes

Sean excelled in English through high school, so it was only natural he should edit the school newspaper in his final year. He would write up sports results for his local newspaper. Now he writes news stories for Oh-Yay.com