One of Australia’s largest banks cuts more than 130 jobs and offshores them to India and the Philippines
One of Australia’s largest banks has cut a further 132 jobs, with some of these roles shifted overseas to companies in India and the Philippines.
The Finance Sector Union said on Thursday that Westpac is cutting 62 positions from its risk department at a time when the country is facing an “unprecedented level” of scams and cyber security threats.
This follows 20 redundancies in January at Westpac’s sales support department in its mortgage services division, which had been outsourced to Concentrix Corp, the FSU said.
Another 50 functions of the bank’s operating unit will be transferred to information technology companies such as Genpact, TATA Consulting Services and Concentrix.
“From time to time we change the way we work and this may impact some roles and responsibilities,” a Westpac spokesperson told Daily Mail Australia.
Westpac has cut a further 132 jobs across various sections. A stock image is shown of a woman who has just received bad news
![One of Australia's largest banks cuts more than 130 jobs and offshores them to India and the Philippines 2 Some functions will be moved to companies in India and the Philippines. A 'Welcome to India' sign is pictured at the Indira Gandhi International Airport in New Delhi](https://nybreaking.com/wp-content/uploads/2024/02/1709200230_926_One-of-Australias-largest-banks-cuts-more-than-130-jobs.jpg)
Some functions will be moved to companies in India and the Philippines. A ‘Welcome to India’ sign is pictured at the Indira Gandhi International Airport in New Delhi
‘When this happens, we work closely with employees to provide tailored support and guidance during the career transition.
‘We are trying to retain as many employees as possible within the Westpac Group through retraining and redeployment.’
The spokesperson did not clarify the number of jobs affected, but said that “these changes are across head office and operational functions, and represent less than half a percent of our workforce.”
Westpac employs approximately 30,000 people across Australia.
FSU National Secretary Julia Angrisano said: ‘Westpac’s strategy to continually outsource jobs to external service providers does nothing for staff morale and sends the message that staff must toe the line or else their jobs are moved abroad.
‘Rather than running an integrated banking business, Westpac now looks more like a patchwork of third-party suppliers.’
A study published last August found that Australian companies struggling to find workers would send jobs overseas to avoid paying higher wages locally.
![One of Australia's largest banks cuts more than 130 jobs and offshores them to India and the Philippines 4 “From time to time we change the way we work and this may impact some roles and responsibilities,” a Westpac spokesperson said. A man is shown walking past a Westpac sign](https://nybreaking.com/wp-content/uploads/2024/02/1709200233_168_One-of-Australias-largest-banks-cuts-more-than-130-jobs.jpg)
“From time to time we change the way we work and this may impact some roles and responsibilities,” a Westpac spokesperson said. A man is shown walking past a Westpac sign
![One of Australia's largest banks cuts more than 130 jobs and offshores them to India and the Philippines 6 Financial Services Union national secretary Julia Angrisano (pictured) said: 'Rather than running an integrated banking operation, Westpac now looks more like a patchwork of third-party suppliers'](https://nybreaking.com/wp-content/uploads/2024/02/One-of-Australias-largest-banks-cuts-more-than-130-jobs.jpeg)
Financial Services Union national secretary Julia Angrisano (pictured) said: ‘Rather than running an integrated banking operation, Westpac now looks more like a patchwork of third-party suppliers’
A Money Transfer Comparison survey of business leaders found that more than two-thirds, or 68 percent, of SMEs would employ foreign-based staff.
The survey of 200 business executives found a tight labor market was the biggest obstacle, with 21 percent saying it was too difficult to find staff in Australia, while wages were growing at the fastest pace in more than a decade.
The companies suggested they would be more likely to look abroad for technical people with specialist IT skills, with 21 percent nominating this area as one for potential overseas outsourcing.
Daily Mail Australia has contacted Westpac for further comment.