WestPac lays off 300 of business retail unit staff

WestPac is cutting 300 jobs in its Consumer and Business Banking Division despite a strong profit growth, with the increase in interest and inflation rates, said the Finance Sector Union  of Australia  (FSU) on Friday. The layoffs represent 0.8 percent of WestPac’s total full-time workforce.

“Westpac workers have already been struggling with excessive workload demands, and these cuts mean those who are left behind will need to do more with less,” said FSU’s National Secretary, Julia Angrisano.

The Australian bank, along with ANZ Group, National Australia Bank, and Singapore’s DBS Group has been warning about pressure on the bank’s net interest margins. WestPac has reported a 22 percent increase in its first half net profit to $2.70 billion.