Westpac to cut some back-office and managerial roles, but don't expect 6,000 layoffs
It was an interesting year for Westpac in 2010, with Australia's oldest financial institution smashing through the $6bn profit mark, while suffering from media speculation suggesting it would consider slashing 6,000 jobs.
In an official statement, however, Westpac says the reports are inaccurate, and that it will reduce staff over the next two years as part of a programme to support continued investment in frontline branches and major technology initiatives.
"Over the past 12 months, Westpac has boosted staff by approximately 2,000 people, with many working on a range of major IT projects," comments Peter Hanlon, group executive, people and transformation for Westpac.
"Many of these roles are temporary or contract roles which will not be replaced and this is where we will focus our efforts to ensure we minimise the impact on our full-time employees," he adds.
Meanwhile, a recruiter, who prefers to remain anonymous, says Westpac is rationalising its back-office team, where there is duplication of roles with its recently merged St.George subsidiary.
"The bank is also trimming back senior managers in business banking as a cost cutting measure," he adds.
Yet despite the job losses, Westpac remains an employer of choice according to Bob Olivier, director, global marketing intelligence, Advantage Resourcing.
"It's a very strong employment brand and is particularly respected for its sustainability, and corporate and social responsibility, which is important to job seekers. It also pays well," he adds.
For those who might be retrenched by Westpac, Olivier says job prospects are good if you are prepared to be flexible on salary.
"However, I'd lay low until early February and then target the other big banks. But I would also think about strong international banks such as Citi and HSBC and even those in the 'fifth pillar' where prospects are good."
