Is your local bank shutting down? Westpac announces more branch closures
- Replies 16
As the digital age continues to reshape how we live and work, the banking sector is not immune to changes.
In a move that reflects the shift towards online banking, Westpac, one of Australia's 'big four' banks, has announced a new round of branch closures.
Westpac, with a market capitalisation of $93 billion, has confirmed that it will be closing four subsidiary Bank of Melbourne branches located in Broadmeadows, Airport West, Werribee Plaza, and South Morang in Victoria.
The closures were part of a broader trend of reduced in-person banking services nationwide as more customers opt for digital transactions.
Bank of Melbourne customers will still have access to 116 branches in Victoria and more than 500 Westpac branches nationwide.
Additionally, the bank will ‘co-locate’ its services in Newcastle, New South Wales, by jointly operating with the newly renovated Beaumont Street branch in Hamilton.
The Hamilton branch will serve both Westpac and St George customers following the expiration of the bank's lease at the Westpac Newcastle site.
This announcement came from Westpac's mid-February statement, which outlined plans to shut down approximately 20 branches across Queensland, New South Wales, Victoria, and South Australia.
Despite the closures, Westpac's Chief Customer Engagement Officer, Ross Miller, emphasised that the bank is expanding access to cash transactions for its customers.
'We've digitally connected our brands and branches, meaning Westpac, St George, Bank of Melbourne, and BankSA customers can now use any of our more than 500 branches for cash and cheque deposits and cash withdrawals,' Miller stated.
‘We’ve also expanded access to fee-free cash via our ATM network.’
‘Personal and business transaction account customers can perform fee-free ATM withdrawals at almost 7000 ATMs,’ he added.
Meanwhile, the Financial Services Union (FSU) has expressed concern over the impact of these closures on Westpac staff, with an estimated 30 employees facing unemployment, criticised the bank's decision.
‘This is not about customers preferring digital banking as Westpac claims,’ FSU National President Wendy Streets said.
‘This is about nothing more than a bank that loves profits and cares little about people, including its customers and staff.’
‘Having booked a $1.5 billion first-quarter profit last month, you would think Westpac could continue to offer banking services to customers within its existing branch network.’
‘Instead, Westpac continues to slash at its infrastructure and people.’
Streets added, ‘The FSU believes banks are an essential service and that all Australians should have the right to do their banking in the manner they choose instead of being driven into digital banking.’
Miller assured that Westpac has 'robust' processes to assist workers in finding new roles as the bank continues to expand its phone, digital, and virtual services.
‘In most cases, employees impacted will continue to work with Westpac,’ he said.
The closures are part of a larger pattern of job cuts within the financial services sector as banks seek to control costs and protect margins.
Westpac, along with the other 'big four' banks—National Australian Bank (NAB), Commonwealth Bank (CommBank), and ANZ—closed more branches and announced substantial job cuts, with the total number of losses exceeding 2,000 positions.
Despite the downsizing, Westpac reported a $1.5 billion net profit for the quarter ending 31 December 2023, with CEO Peter King describing it as a 'solid quarter’.
The bank's stock price has also seen an uptick, rising 16.2 per cent year-to-date.
‘We’ve grown the franchise and maintained a strong financial position,’ he said in the company’s earnings release.
What are your thoughts on this issue? Have you been affected by the closure of your local bank branch? Share your thoughts in the comments below.
In a move that reflects the shift towards online banking, Westpac, one of Australia's 'big four' banks, has announced a new round of branch closures.
Westpac, with a market capitalisation of $93 billion, has confirmed that it will be closing four subsidiary Bank of Melbourne branches located in Broadmeadows, Airport West, Werribee Plaza, and South Morang in Victoria.
The closures were part of a broader trend of reduced in-person banking services nationwide as more customers opt for digital transactions.
Westpac announced more closures of their bank branches. Credit: Shutterstock
Bank of Melbourne customers will still have access to 116 branches in Victoria and more than 500 Westpac branches nationwide.
Additionally, the bank will ‘co-locate’ its services in Newcastle, New South Wales, by jointly operating with the newly renovated Beaumont Street branch in Hamilton.
The Hamilton branch will serve both Westpac and St George customers following the expiration of the bank's lease at the Westpac Newcastle site.
This announcement came from Westpac's mid-February statement, which outlined plans to shut down approximately 20 branches across Queensland, New South Wales, Victoria, and South Australia.
Despite the closures, Westpac's Chief Customer Engagement Officer, Ross Miller, emphasised that the bank is expanding access to cash transactions for its customers.
'We've digitally connected our brands and branches, meaning Westpac, St George, Bank of Melbourne, and BankSA customers can now use any of our more than 500 branches for cash and cheque deposits and cash withdrawals,' Miller stated.
‘We’ve also expanded access to fee-free cash via our ATM network.’
‘Personal and business transaction account customers can perform fee-free ATM withdrawals at almost 7000 ATMs,’ he added.
Meanwhile, the Financial Services Union (FSU) has expressed concern over the impact of these closures on Westpac staff, with an estimated 30 employees facing unemployment, criticised the bank's decision.
‘This is not about customers preferring digital banking as Westpac claims,’ FSU National President Wendy Streets said.
‘This is about nothing more than a bank that loves profits and cares little about people, including its customers and staff.’
‘Having booked a $1.5 billion first-quarter profit last month, you would think Westpac could continue to offer banking services to customers within its existing branch network.’
‘Instead, Westpac continues to slash at its infrastructure and people.’
Streets added, ‘The FSU believes banks are an essential service and that all Australians should have the right to do their banking in the manner they choose instead of being driven into digital banking.’
Miller assured that Westpac has 'robust' processes to assist workers in finding new roles as the bank continues to expand its phone, digital, and virtual services.
‘In most cases, employees impacted will continue to work with Westpac,’ he said.
The closures are part of a larger pattern of job cuts within the financial services sector as banks seek to control costs and protect margins.
Westpac, along with the other 'big four' banks—National Australian Bank (NAB), Commonwealth Bank (CommBank), and ANZ—closed more branches and announced substantial job cuts, with the total number of losses exceeding 2,000 positions.
Despite the downsizing, Westpac reported a $1.5 billion net profit for the quarter ending 31 December 2023, with CEO Peter King describing it as a 'solid quarter’.
The bank's stock price has also seen an uptick, rising 16.2 per cent year-to-date.
‘We’ve grown the franchise and maintained a strong financial position,’ he said in the company’s earnings release.
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