Latest news with #WestpacBankingCorp.
Mint
21-05-2025
- Business
- Mint
Westpac Plans to Eliminate More Than 1,500 Jobs, AFR Reports
(Bloomberg) -- Westpac Banking Corp. is planning to cut more than 1,500 jobs in the bank's biggest redundancy in a decade as it strives to meet ambitious cost reduction targets, the Australian Financial Review reported, citing unidentified people. The overhaul involves transforming the business by simplifying its processes and technology under a plan known as Unite. It comes after the appointment in December of Chief Executive Officer Anthony Miller, who has already made significant changes to the executive team, including poaching Nathan Goonan from rival National Australia Bank Ltd. as chief financial officer. Miller has asked managers to consider how they will reduce the number of employees by 5% across most teams within the next few months, the report said, citing two people not authorized to discuss the briefings publicly. The report said a final number of staff exits had not been decided. 'While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources,' a spokesperson for the Sydney-based bank said. 'This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment.' Based on Westpac's last publicly available full-time head count, a 5% reduction in the number of employees would mean 1,700 staff will leave. That is on top of around 900 full-time roles cut in the last financial year, the report said. Westpac shares have fallen more than 5.8% since the bank reported results earlier this month. The bank has been pushing into lower margin business-lending which has impacted earnings, the report said. --With assistance from Adam Haigh. (Adds comments from Westpac spokesperson in fourth paragraph) More stories like this are available on
Bloomberg
23-03-2025
- Business
- Bloomberg
Aussie Dollar to Snap Losing Streak on RBA Stance, China Support
The Australian dollar may be headed for its first annual gain since 2020, as the central bank keeps interest rates high and the economy benefits from expected Chinese stimulus. The Aussie will climb as high as 68 cents by December, according to Westpac Banking Corp. and Bank of America Corp., which would imply a gain of 8.4% from Friday's close. National Australia Bank Ltd. and Westpac see the currency rising to 65 cents by the end of June, after some initial volatility.
Bloomberg
16-02-2025
- Business
- Bloomberg
Hedge-Fund Bears Risk Being Burned by Resilient Aussie Dollar
Hedge funds are in danger of losing money on their bearish Australian dollar positions as a lot of the negative news may already be in the currency's price. The Aussie is benefiting from an easing of worst-case fears of US tariffs and may climb to as high as 64.50 US cents if the central bank surprises by keeping interest rates on hold this week, according to RBC Capital Markets. Westpac Banking Corp. is leaning toward further gains in the Aussie in the near-term.
Bloomberg
07-02-2025
- Business
- Bloomberg
US-Led Global Trade Tiff Risks Stoking Inflation for Australia
A US-led global trade war may intensify price pressures in Australia by weakening its currency, according to a Westpac Banking Corp. economist. US tariffs will make American goods more expensive, and so prices for the goods and services that Australia imports will go up too, Westpac's senior economist Mantas Vanagas said in a report Friday.
