Westpac Banking Group is cutting 300 jobs from the "corporate functions" that service its consumer and business bank division, with IT staff among those impacted.
The cuts are being made as part of its reset program, first announced last year.
iTnews understands that mainly head office roles are impacted in areas such as change management, project delivery and program management.
Sources close to the bank told iTnews that a number of the cuts affect technology workers, though the exact breakdown could not be verified at the time of publication.
A Westpac spokesperson told iTnews that the bank announced plans in February last year to simplify, "improve accountability and reduce costs."
“This involves creating a smaller, more focused head office, reducing the size of corporate functions by around 20 percent," the spokesperson said.
“This ongoing re-organisation is part of our simplification and cost reset program.
“The changes are primarily across corporate functions and contractors. We continue to support our employees as we make these changes.”
The Finance Sector Union said it is seeking “urgent” meetings with affected staff.
“In the most outrageous and callous manner, Westpac have announced that they are slashing more than 300 jobs from the consumer and business bank division at Barangaroo, Kent Street and Kogarah,” the union said.
“We are holding an urgent meeting to discuss how the changes affect you and your colleagues. It is vital that you are in attendance.”
Meetings are expected to be held Friday 9 June, at 1pm and 3pm.
“We need to send Westpac a very loud and very clear message that our work matters," the union said.
