Latest news with #WendyStreets
7NEWS
21-05-2025
- Business
- 7NEWS
Westpac Bank slammed over reports it will ‘brutally cut' more than 1500 jobs despite massive profits
More than 1500 Westpac employees will lose their jobs if reported redundancies are brought forward in coming months. The cuts come as the banking giant plans to simplify its technology systems and restructure its workforce, the Australian Financial Review reported on Tuesday. Westpac has more than 30,000 employees, with almost 5000 employed in the past year, a spokesperson told But CEO Anthony Miller has asked most managers to consider how they would cull 5 per cent of their teams, unauthorised sources told AFR. A Westpac spokesperson was unable to confirm those numbers or directions when contacted by but said: 'We adjust the composition of our workforce according to our investment priorities.' The impending cuts come on top of almost 1000 job cuts over the past year, the Finance Sector Union said on Wednesday. 'Westpac employees have faced ongoing uncertainty and significant job losses over the past few years with more job cuts now under a new 'business-led simplification program' (called) UNITE,' the union's national president Wendy Streets said. 'As the new CEO, Anthony Miller had an opportunity to invest in his existing, dedicated workforce. He appears to be choosing not to do so. 'This is deeply disappointing, particularly as Westpac posted a net profit of $7 billion just last year. 'Our members have worked hard to turn massive profits for Westpac over the years, they deserve to be rewarded and not have their jobs brutally cut for the sake of cost-savings and even bigger profits.' Collateral damage for 'costs and investment' The bank asserted that a focus on investment in a changing industry landscape will continue to push certain jobs onto the company chopping block. 'While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources,' the Westpac spokesperson told 'This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment. 'As the skills and capabilities required in banking continue to evolve, so will our workforce. 'We try to keep as many employees as we can, through retraining and redeployment. For those who leave, we help them with tailored support and assistance with career transition.' AFR reports Miller made changes to the executive team soon after taking the top job in December, outlining smaller margins due to the bank entering the business-lending market — a move which reportedly yielded early results that disappointed investors.
Yahoo
19-05-2025
- Business
- Yahoo
NAB staff threaten to quit after bank jumps on major work trend: 'They will walk'
NAB has asked staff to increase the number of days they spend in the office each week. The bank has joined a growing number of businesses moving away from the work-from-home model (WFH), however, the move has left many upset. Staff were told about the directive via an internal memo, which will impact junior workers and team leaders. Finance Sector Union national president Wendy Streets has slammed the decision as "completely unnecessary". 'People are not prepared to turn back the hands of time. They've found a new, fairer, more efficient way of working, they're not going to be dragged back to the past," she said. RELATED Major WFH update for Aussie workers: 'Isn't going anywhere' Common $358 a day expense the ATO lets you claim on tax without receipts Money crisis sparks capital city exodus as Australians embrace 'new frontier' According to the Australian Financial Review, when the announcement was made last week on the bank's internal messaging system, it was hit with hundreds of shocked, angry and broken heart emojis, indicating staff were not happy about the decision. NAB senior executive Sarah White said the bank was "evolving" its policies to focus more on an "office-based working model" because it supports "collaboration, teamwork and problem solving for customers". Junior staff will increase their in-office days from two to three days a week, while team leaders will go from three to NAB leadership were forced to come into the office five days a week last year and their attendance is unchanged. But Streets said this increase could cause shockwaves for the Big Four bank and "damage the very culture NAB claims to value". 'We don't believe there is any business case for staff to return to the office more,' she said. 'A lot of members are telling us they will walk and they will leave." Westpac currently has a minimum of two days a week in the office for staff, while ANZ and Commonwealth Bank workers have to come in for half of their rostered days. This is part of a much broader move in the Australian corporate landscape. Amazon, Tabcorp, Woolworths and Coles are some of the other major employers that have recently ordered workers back into the office. The Australian HR Institute (AHRI) recently found that 45 per cent of employers now have a minimum requirement for staff to be in the office between three to five days a week. More than 80 per cent of the nearly 1,000 people surveyed expected hybrid working would either increase or stay the same at their organisation over the next two years. The most popular work arrangement was three days in the office at 32 per cent. Interestingly, Robert Half's survey of 500 employers found there had been a 'domino effect' in this return-to-office (RTO) trend. An overwhelming majority (84 per cent) of employers said other businesses' RTO mandates influenced their own arrangements. But Angela Anasis, Executive General Manager of Randstad Australia, told Yahoo Finance workers across the country are digging in their heels at this push to return to the office. 'Given people are prepared to walk away from a job if they're forced back into the office, employers should carefully consider how to incentivise attendance, focusing on the carrot rather than the stick," she said.
