Westpac will cut around 400 jobs from its head office, technology and operations teams this year, to compensate for a slow down in loan growth.
Spokesman Supreet Gosal said the bank has identified 560 roles that would be affected, but as some employees will be moved into other roles within the bank, Westpac expects between 300 and 400 jobs will be lost.
“This is to adjust staff numbers to slower growth,” Gosal said, according to Reuters.
In an interview with ABC radio this morning, CEO Gail Kelly said this is largest announcement the bank is likely to make this year, suggesting further job losses could occur in the coming months
“…we are in a changing world and it is really important for us to have a strong banking system,” she said.
“You can expect for us to have a lower of number of employees at the end of the year than we had at the beginning.”
Kelly said Westpac is bracing for a number of years of slower growth, as a result of instability in Europe.