Digital Shift at Westpac: 200 Teller Jobs Cut as Banking Goes Online

Westpac's Digital Overhaul Leads to Job Cuts

Westpac is eliminating 200 teller positions across its branches as part of a strategic push to encourage customers to adopt digital services. This move reflects the bank's response to changing consumer behaviors.

Job Transitions and New Hires

In a balancing act, Westpac plans to relocate these teller roles to home and business lending departments, where it intends to hire 200 new bankers. This shift aims to align the workforce with the bank's evolving service demands.

Driving Factors Behind the Changes

The reduction in teller jobs is primarily due to a significant increase in customers using Westpac's app, website, and ATMs. A spokesperson highlighted that the bank must adjust its workforce composition to match investment priorities, stating, "While we continue to invest in extra bankers, other areas may need fewer resources."

Westpac bank is shedding 200 teller jobs. (iStock)

Investment in Digital Infrastructure

Supporting this transition, Westpac will invest $200 million over the next three years to upgrade ATMs and branches. Damien MacRae, Westpac's general manager of retail banking, emphasized in an email to staff, "This year we've invested in our digital-first strategy to support our customers' changing needs and our digital citizens focus."

Employee Retraining and Redeployment

Affected staff will receive training to assist customers with advanced tasks on the upgraded app. The bank commits to retaining as many employees as possible through retraining and redeployment within the Westpac Group.

Union Concerns and Broader Industry Trends

The Finance Sector Union (FSU) has raised alarms, arguing that the job cuts eliminate critical face-to-face services for communities. FSU national secretary Julia Angrisano criticized the move, saying, "Communities still rely on face-to-face banking and workers should not be sacrificed for cost-cutting dressed up as innovation." This announcement occurs amidst reports of a larger restructure at Westpac that could affect up to 1500 jobs, echoing similar cuts at other major banks like ANZ and NAB.

Westpac says more customers are using digital services and ATMs. (AFR photo Louie Douvis) (Nine)