New Delhi, May 21: Westpac Banking Corp. is reportedly planning to lay off its employees, which could become the largest round of job cuts in over ten years. As per reports, the Westpac layoffs are part of the bank's broader strategy to achieve major cost-reduction targets. While the exact number of roles to be reduced has not yet been confirmed, reports suggest that several teams across the bank could be impacted as part of the cost-cutting plans.

As per a report of AFR, Westpac is getting ready to lay off over 1,500 employees in what could be its largest round of redundancies in the past decade. The Westpac job cuts is said to be a part of a programme called "Unite", which was launched in 2023. The new CEO Anthony Miller aims to simplify operations, update technology, and reduce costs. Nike Layoffs: US-Based Global Sportswear Giant Cuts Employees From Technology Division as Part of CEO Elliott Hill’s Turnaround Efforts.

Anthony Miller, who stepped into the role of CEO in December, has already made changes to Westpac’s executive team. He also highlighted smaller profit margins as the bank moves further into the competitive business-lending space. The first-half financial results has reportedly left investors disappointed earlier this month. Westpac reportedly said, "While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources." Tech Layoffs 2025: InfoEdge CEO Hitesh Oberoi Says AI Will Reshape Jobs, Provide New Opportunities for Skilled Professionals.

As per a report of Reuters, the company stated that it regularly reviews and adjusts its workforce in line with changing investment priorities. However, it did not confirm how many roles are expected to be affected. As per multiple reports, Westpac CEO Anthony Miller has allegedly instructed managers to prepare for a plan for a 5% staff reduction across most departments over the coming months. Based on the bank’s latest figures on full-time staff, a 5% job cut could lead to approximately 1,700 job losses.

(The above story first appeared on LatestLY on May 21, 2025 10:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).