Westpac posts profit, still warns of job cuts
(17 August 2011 – Australia) Westpac released a A$1.55 billion cash earnings results for the third quarter yesterday.
The result disappointed the market, with Westpac shares sold down as much as 4.9 percent to A$20.14.
Mrs Kelly told an analysts briefing in Sydney that the bank would step up its productivity measures to stop expenses and costs growth.
There was no exact figure put on the number of job cuts, which are likely to come from middle management ranks and IT positions.
Westpac flagged in October last year it would shed about 600 IT jobs and move some positions offshore.
'Head count, unfortunately, is a moving beast. There are a number of elements in the bank where investment is being made so staff numbers are growing,' Mrs Kelly said.
'There are elements of the business where staff numbers are down.
'In Bank of Melbourne we are stepping up our staff numbers and we will continue to do so, so that is a positive example where staff numbers are up.
'There are a few moving pieces but I think staff numbers will come down this year and come down again somewhat next year.'
Mrs Kelly told an analysts briefing in Sydney that the bank would step up its productivity measures to stop expenses and costs growth.
There was no exact figure put on the number of job cuts, which are likely to come from middle management ranks and IT positions.
Westpac flagged in October last year it would shed about 600 IT jobs and move some positions offshore.
'Head count, unfortunately, is a moving beast. There are a number of elements in the bank where investment is being made so staff numbers are growing,' Mrs Kelly said.
'There are elements of the business where staff numbers are down.
'In Bank of Melbourne we are stepping up our staff numbers and we will continue to do so, so that is a positive example where staff numbers are up.
'There are a few moving pieces but I think staff numbers will come down this year and come down again somewhat next year.'
Subscribe