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Highlights
- Westpac (WBC) announces largest job restructure in a decade
- 1,500+ roles impacted under cost-cutting plan
- Strategy aims to navigate expenses amid ASX300 pressure
Australia’s second-largest lender, Westpac Banking Corporation (ASX:WBC), is preparing to implement its largest workforce restructure in over a decade. According to internal sources, the bank plans to reduce its employee count by more than 1,500 roles as it sharpens focus on long-term cost efficiencies under its transformation project named ‘Unite’.
This strategic reshuffle comes as part of CEO Anthony Miller’s ambitious plans to streamline operations and improve financial resilience amid ongoing industry challenges. Appointed in December, Miller has already reshaped the executive team and set a target to reduce headcount by 5% across most divisions. If fully realised, this would represent a reduction of approximately 1,700 roles—marking one of the most significant workforce adjustments since the 2008 financial crisis.
Importantly, the employees directly involved in the ‘Unite’ transformation program are expected to be retained, as their work aligns closely with the broader goal of modernising and simplifying Westpac’s structure. This move builds on prior changes, including the reduction of 900 full-time positions during the last financial year.
Earlier this month, Westpac (ASX:WBC) reported weaker-than-expected half-year results. The bank noted a decline in profit, primarily due to rising operational expenses and hedging-related losses that offset positive lending and deposit growth. A further $140 million impact was attributed to hedging fluctuations, although management signaled this effect would likely reverse over time.
Despite these challenges, Westpac also announced plans to increase support for the housing market, including hiring an additional 180 home finance managers and enhancing remuneration for mortgage intermediaries.
For investors and market watchers, this development adds a new dimension to the performance outlook of ASX dividend stocks, particularly within the banking sector.
Westpac’s strategic pivot arrives at a critical time for constituents of the ASX300 index, as companies navigate high-cost environments and margin pressures.
As the bank continues its transformation agenda, market participants will be watching closely how these decisions influence performance, efficiency, and long-term competitiveness across the ASX300 landscape.
