Westpac staff brace for more pain

I'm betting Westpac will be the first of the big four not to pass next Tuesday's expected RBA rate cut. Banks bleating about higher funding costs really annoy me

Westpac employees are bracing for the loss of as many as triple the number of job losses already announced this week as the bank adjusts to a weak economy and higher funding costs.

BusinessDay understands that as many as 1500 more positions could be at risk, adding to the cuts of 560 announced yesterday.

Westpac denied that large-scale job cut announcements are in the works. "That information is speculative and incorrect," a spokesman said.

The bank said that yesterday's disclosure would be "the most significant for this year".

"For some time now we have said that staff numbers will be less by the end of the year as we adjust to a slower growth banking environment," Westpac media relations manager Supreet Gosal said.

However, BusinessDay understands staff have been asked to document their daily activities and achievements on a fortnightly basis so that management can identify priorities for retrenchments.



Read more: http://www.theage.com.au/business/westpac-staff-brace-for-more-pain-20120203-1qwxc.html#ixzz1lK2E3TEQ