Bulk of Westpac job losses to happen in Sydney offices
(20 January 2012 – Australia) Westpac is expected to add to job losses within the banking industry, with predictions it could slash as many as 600 positions across its operations this year.
A Westpac spokeswoman, while not confirming the 600 job-loss figure reported in Thursday’s Australian Financial Review, said the bank would be cutting staff levels this year to adjust to a slower growing economy.
'We can expect that staff numbers will decrease as we reduce higher cost contract-based staff and reduce duplication in roles at head offices,' Westpac spokeswoman Supreet Gosal said. Gosal said the bulk of job cuts would occur in Sydney.
Westpac had already begun cutting jobs at the end of last year, shifting about 200 back-office jobs offshore.
Westpac's full-time equivalent staff levels fell from 35,055 in 2010 to 33,898 in 2011, according to the bank's annual reports.
Job security has emerged as a key issue at the beginning of this year, as fears for the outlook of the local and global economy increase.
The Australian Bureau of Statistics today releases monthly jobs data for December, with economists expecting the economy added 10,000 jobs, leaving the unemployment rate at 5.3 percent.
'We can expect that staff numbers will decrease as we reduce higher cost contract-based staff and reduce duplication in roles at head offices,' Westpac spokeswoman Supreet Gosal said. Gosal said the bulk of job cuts would occur in Sydney.
Westpac had already begun cutting jobs at the end of last year, shifting about 200 back-office jobs offshore.
Westpac's full-time equivalent staff levels fell from 35,055 in 2010 to 33,898 in 2011, according to the bank's annual reports.
Job security has emerged as a key issue at the beginning of this year, as fears for the outlook of the local and global economy increase.
The Australian Bureau of Statistics today releases monthly jobs data for December, with economists expecting the economy added 10,000 jobs, leaving the unemployment rate at 5.3 percent.
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