Westpac is proposing to make 102 roles redundant as part of a restructure affecting 174 positions across its Risk, Institutional Banking and Finance teams, prompting union concerns over earlier management assurances that its internal Catalyst programme was not intended to cut jobs.
The Financial Services Union (FSU) said consultation on the proposed changes was underway, with 72 of the affected positions expected to be moved to comparable roles and 102 positions facing redundancy.
The union attributed the proposed cuts to Catalyst, an internal programme designed to simplify the bank’s operations and reduce costs. It said the announcement had undermined employees’ confidence in management commitments.
Catalyst programme faces union scrutiny
Led by chief financial officer Nathan Goonan, Westpac’s Catalyst programme is intended to reorganise teams around specific business functions rather than professional skill sets, according to the Australian Financial Review (AFR).
Under the model, teams are organised into 20 delivery units focused on functions such as home lending and financial markets, rather than capabilities such as technology.
The FSU said the proposed redundancies contradicted assurances given when the programme was introduced earlier this year.
"FSU members are concerned by this announcement," the union said on its website. "When Westpac engaged Catalyst earlier this year, management assured us that it was not a job-cutting exercise. With 102 jobs going due to Catalyst, members have lost faith in any management promises."
Westpac confirms 174 roles affected
Westpac confirmed to HRD Australia that the FSU’s figures on the number of positions affected by the proposed restructure were accurate.
"The shape of our workforce changes according to the investment priorities of the Group. While we continue to invest in extra bankers, digital delivery and customer-facing roles, other programs may be completing or require fewer resources," a Westpac spokesperson told HRD.
"This means from time to time we make changes that may impact some roles and responsibilities as we actively manage costs and investment. As customer habits change, and the skills and capabilities required in banking continue to evolve, so will our workforce."
The spokesperson said the bank would seek to retain employees wherever possible through retraining and redeployment.
"The spokesperson added that the bank actively seeks "to retain employees wherever possible, through retraining and redeployment.""
Employees leaving the bank would also receive tailored support and assistance with career transitions, the spokesperson said.
Workforce changes amid investment shifts
Westpac employs more than 30,000 people across Australia. In the 2025 financial year, the bank hired more than 5,000 employees.
The proposed restructure comes as the bank continues to adjust its workforce in line with changing customer behaviour, investment priorities and the skills required across its banking operations.
While Westpac has highlighted retraining and redeployment as options for affected employees, the FSU’s concerns centre on the impact of the proposed redundancies and the apparent shift from the assurances previously given about the Catalyst programme.