Westpac’s Bank of Melbourne is set to close raft of branches in two cities as the nation transitions towards a ‘cashless society’ – here’s what you need to know

One of Australia’s largest banks has been accused of putting profits before customers after deciding to close branches in two cities.

Westpac has announced it will close four branches of its Bank of Melbourne subsidiary in Broadmeadows, Airport West, Werribee Plaza and South Morang in Victoria.

And in the NSW city of Newcastle it is shifting to a shared ‘banking centre’ with the St George bank in the suburb of Hamilton after Westpac failed to renew its lease.

The bank claims customers will not be adversely affected as it is ‘digitally connected’ to St George, Bank of Melbourne and BankSA and has almost 7,000 ATMs across the country.

“This is about nothing more than a profit-loving bank that cares little about people, including its customers and staff,” said Wendy Streets of the Finance Sector Union (FSU).

Ross Miller, Wespac Chief Customer Engagement Officer. said: ‘With more choice in where customers do their banking and an increasing preference for digital, we have decided to close a number of branches.

“We have a robust process in place to help employees find new opportunities as we invest and expand our phone, digital and virtual offerings. In most cases, the employees involved will continue to work for Westpac.”

The closures were announced just weeks after Westpac reported first-quarter profits of $1.5 billion in the 2023-2024 financial year.

Two weeks ago it also emerged it had cut a further 132 jobs, with some of these positions being sent abroad to companies in India and the Philippines.

That followed 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.

The bank claims customers will not be adversely affected as it is ‘digitally connected’ to St George, Bank of Melbourne and BankSA and offers almost 7,000 ATMs nationwide

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.

‘When this happens, we work closely with employees to provide tailored support and assistance with their career transition.’

Ms Streets said the latest branch closures “are not about customers preferring digital banking, as Westpac claims…

‘After posting a $1.5 billion profit in the first quarter last month, you would think Westpac would be able to continue offering banking services to customers within its existing branch network.

“Instead, Westpac continues to cut back on its infrastructure and people.”

When the bank’s job cuts were announced last month, FSU’s national secretary Julia Angrisano said: ‘Westpac’s strategy of continually outsourcing jobs to external service providers does nothing for staff morale and sends the message that staff are adhering to rules, otherwise their jobs could be moved abroad.

‘Rather than running an integrated banking business, Westpac now looks more like a patchwork of third-party suppliers.’

The bank has been contacted for further comment.