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One of Australia’s biggest banks has been accused of putting profits ahead of customers after it decided 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 switching to a joint ‘banking centre’ with St George bank in suburban Hamilton after Westpac did not renew a lease.
The bank claims customers will not be adversely affected as it is ‘digitally connected’ with St George, Bank of Melbourne and BankSA and has almost 7,000 ATMs across the country.
“This is about nothing more than a bank that loves profits and cares little about people, including its customers and staff,” said Wendy Streets of the Finance Sector Union (FSU).
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 (stock image)
Ross Miller, Wespac’s chief customer engagement officer. said: ‘With more choice in where customers do their banking and an increasing preference for digital, we have taken the decision to close some 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 affected employees will continue to work with Westpac.’
The closures were announced just weeks after Westpac reported a first-quarter profit of $1.5 billion in the 2023-2024 financial year.
It also emerged two weeks ago that it had cut a further 132 jobs, with some of those roles being sent offshore to companies in India and the Philippines.
It followed 20 redundancies in January at Westpac’s sales support unit in its mortgage division, which was outsourced to Concentrix Corp, the FSU said.
The bank claims customers will not be adversely affected as it is ‘digitally connected’ with St George, Bank of Melbourne and BankSA and provides almost 7,000 ATMs across the country
Another 50 roles from the bank’s operations 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 operate and this may affect 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 for career change.’
Ms Streets said the recent branch closures are not about customers preferring digital banking, as Westpac claims…
“Having booked a $1.5 billion profit in the first quarter last month, one would think Westpac could continue to offer banking services to customers within its existing branch network.
‘Instead, Westpac continues to cut its infrastructure and people.’
When the bank’s cuts were revealed last month, FSU 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 need to be on the edge or their jobs could remain offshore d.
‘Instead of running an integrated banking operation, Westpac now looks more like a patchwork of third-party providers.’
The bank has been contacted for further comment.