Westpac denied that large-scale job cut announcements are in the works, saying that yesterday's disclosure would be
Westpac denied that large-scale job cut announcements are in the works, saying that yesterday's disclosure would be "the most significant for this year." Kieran Salsone

Westpac ready to bring the pain

WESTPAC employees are bracing for the loss of as many as triple the number of job losses already announced this week as the bank adjusts to a weak economy and higher funding costs.

BusinessDay understands that as many as 1500 more positions could be at risk, adding to the cuts of 560 announced yesterday.

Know more? Contact czappone@fairfax.com.au

Westpac denied that large-scale job cut announcements are in the works, saying that yesterday's disclosure would be "the most significant for this year."

"For some time now we have said that staff numbers will be less by the end of the year as we adjust to a slower growth banking environment," said Westpac media relations manager Supreet Gosal.

However, BusinessDay understands staff have been asked to document their daily activities and achievements on a fortnightly basis so that management can identify which priorities for retrenchments.

Read more at Brisbanetimes.com.au



Arrest made after historical break-in

Arrest made after historical break-in

Herbal vaporisers and few thousand dollars cash stolen back in 2013

Surfing scientists uncover mysteries of the ocean

Surfing scientists uncover mysteries of the ocean

How a morning surf is helping combat climate change

Cafe to close for refurbishments during 'low season'

Cafe to close for refurbishments during 'low season'

"There are no plans to close the cafe long term,”: CEO

Local Partners