Westpac quietly cuts over 250 jobs following NAB layoffs
Westpac announced over 200 new job cuts on the same day as NAB, breaking a promise that its Catalyst program would not reduce headcount.
Layoffs · Source: Finance Sector Union (FSU)
What happened
Westpac has marked over 250 workers for redundancy since the start of October. The bank announced over 200 of these cuts on the very same day rival bank NAB revealed its own major workforce reductions. This brings the total recent cuts at Westpac to over 300. This follows 102 earlier reductions in the risk, institutional banking, and finance teams just two weeks prior.
The layoffs are directly tied to Westpac's Catalyst program. The Finance Sector Union states this action breaks a previous promise from the bank. Westpac management had assured staff that engaging with the Catalyst program was not a job-cutting exercise. Alongside the redundancies, approximately 100 positions are being moved to comparable roles as part of the ongoing restructure.
The union estimates that 10,000 banking roles have disappeared across the industry over the last two years. While banks publicly point to macro-economic factors to explain the cuts, the union believes the push for artificial intelligence automation is the real driver. The union is now pushing for greater regulatory oversight of AI in the finance sector to protect workers.
By the numbers
- Over 250 — Workers earmarked for redundancy at Westpac since early October
- 10,000 — Banking roles the Finance Sector Union estimates have disappeared over the last two years
- 102 — Workers cut earlier in October from Risk, Institutional Banking, and Finance
- About 100 — Positions moving to comparable roles under the Catalyst program restructure
Why it matters
For job seekers in finance and technology, these cuts signal a rapidly shrinking pool of traditional banking roles. As major banks restructure their operations around automation programs like Catalyst, candidates will face significantly more competition. You will see fewer open positions in everyday banking, business lending, and consumer technology.
The second-order effect is a fundamental shift in the specific skills banks will hire for in the near future. With unions actively pushing for regulatory guardrails around artificial intelligence, the industry is clearly transitioning toward heavy automation. Job seekers will need to demonstrate exactly how they can work alongside AI systems rather than compete directly against them.
Who this hits
Technology and Data Workers
Workers in digital and data technology, consumer COO technology, and enterprise delivery face direct job cuts. Tech professionals looking for banking roles will find fewer openings as these departments restructure and consolidate.
Finance and Wealth Professionals
Teams across private wealth, everyday banking, cash operations, and business lending are seeing immediate redundancies. Candidates targeting these traditional finance sectors will need to navigate a much tighter and highly competitive job market.
What to do this week
- Review your current technical skills to see how they align with artificial intelligence and automation trends in the finance industry.
- Expand your job search entirely beyond traditional banking and finance sectors if you currently work in a high-risk operational role.
- Prepare for longer interview processes and increased competition as displaced workers flood the market for the remaining open roles.
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My take
I see a clear warning here for tech and finance workers. When companies say a new efficiency program will not cut jobs, the reality often proves otherwise. You must stay adaptable and keep your skills relevant to survive this industry shift toward AI automation.