One of Australia’s Big Four Banks has axed 200 teller jobs across its branches.
Westpac will reallocate the positions to home and business lending, driven by increasing numbers of customers using the bank’s app, website and ATMs.
Staff will also be trained as concierges to help customers use the bank app.
‘This year we’ve invested in our digital-first strategy to support our customers’ changing needs and our digital citizens focus,’ Westpac’s general manager of retail banking, Damien MacRae, said in an email to staff.
‘Over the coming year, we will appoint around 200 more lenders and bankers to achieve our home lending and small business ambitions.
‘At the same time, we will need around 200 fewer tellers and personal bankers’ roles in retail banking.’
Westpac vowed to retain as many staff as possible through retraining and redeployment.
‘We adjust the composition of our workforce according to our investment priorities,’ a spokesperson said.
Westpac will reallocate 200 bank teller positions to its home and business lending services
More customers are opting to use the Westpac’s app, website and ATMs over in-person banking
‘While we continue to invest in extra bankers, other areas may need fewer resources.’
The bank will also pour $200million into its ATMs and branches over the next three years.
The Finance Sector Union said the job cuts will remove vital services for customers.
‘Communities still rely on face-to-face banking and workers should not be sacrificed for cost-cutting dressed up as innovation,’ FSU national secretary Julia Angrisano said.
Westpac is the third bank in as many weeks to announce job cuts.
NAB slashed 410 jobs earlier this month, just a day after ANZ axed 3,500 full-time roles and 1000 contractor jobs.
The Commonwealth and Bendigo banks, along with the Bank of Queensland have also cut jobs in recent months.
