Westpac to offshore nearly 200 banking jobs from Australia to Philippines
SYDNEY, AUSTRALIA — Australia’s third-largest bank, Westpac Banking Corp, confirmed plans to relocate nearly 200 Australian positions to its Manila operations.
The job transfers, affecting the consumer and business divisions, represent the bank’s latest effort to trim operational expenses in a challenging economic landscape.
Australian banking faces cost pressures
The financial services sector in Australia continues grappling with rising expenses and fierce mortgage market competition. Westpac’s decision mirrors similar moves by competitor institutions seeking efficiency gains through international operations.
Workers in the consumer and business divisions will see their roles transferred to existing Manila facilities as the bank restructures its workforce.
“Westpac made $7 billion in profit in the last financial year, a result the CEO said would ‘set Westpac up for growth and success’,” said Finance Sector Union (FSU) National Secretary Julia Angrisano. “Is this what ‘growth and success’ looks like for Westpac workers?”
A Westpac representative acknowledged the strategy, noting that “From time to time, we change the way we operate and this can impact some roles and responsibilities.”
“When this happens, we work closely with employees to provide tailored support and assistance with career transition. We try to keep as many employees in the Westpac Group as we can, through retraining and redeployment,” the spokesperson added.
Workforce transformation continues
The banking landscape in Australia has witnessed significant shifts as institutions balance service quality with operational costs.
Westpac, which maintains 30,000 employees worldwide, has implemented various streamlining initiatives in recent years. Just last year, Westpac announced the reduction of 132 positions across its risk management, operations, and sales divisions. Half of these roles were subsequently outsourced to India and the Philippines.
The pattern reflects ongoing adjustments throughout Australia’s financial sector as banks navigate economic headwinds.
Labor advocates have voiced concerns about the human impact of such corporate decisions. The FSU has particularly criticized the prioritization of financial metrics over employee welfare, highlighting tensions between shareholder expectations and workforce stability.
As Australian banks continue adapting to market realities, offshore operations increasingly feature in their strategic planning. The trend raises questions about the future composition of Australia’s financial services workforce and the sector’s long-term employment outlook.
