Westpac to close even more branches, what does this mean for customers?
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The recession has been tough on businesses both large and small. We've seen major corporations close their doors and thousands of small businesses forced to downsize or close altogether.
The recession has been especially hard on businesses that were already struggling. Many businesses that were hanging on by a thread have been unable to weather the storm and have had to stop operations.
The financial sector is one of the industries that has been hit the hardest by the economic downturn. With sky-high inflation rates and a struggling economy, many financial businesses have been forced to close.
In what the banking sector union referred to as a 'savage wave of cost-cutting,' Westpac Group will close 24 additional branches in addition to the 24 it closed last month — a move that could result in the layoff of hundreds of staff.
The announcement comes after it was reported by the Finance Sector Union (FSU) that the group will be closing down several branches across the country.
It should be noted that the Westpac Group also operates St George, Bank of Melbourne and Bank SA.
Westpac announced the closure of 24 more branches following the shutdown of 24 other branches last month. Credit: Mark Baker/AP.
It was also reported last month that a number of large bank branches will be closing in the coming months, with Westpac Group making the biggest reduction with plans to close 24 locations statewide.
FSU also announced the closure of three more Commonwealth Bank locations in NSW and SA.
The Westpac Group attributed the ongoing closures to the decrease of clients visiting branches.
A Westpac spokesperson said: 'With more than five million digitally active customers, we’re investing in services to complement how our customers choose to bank.'
'We take steps to ensure customers are notified in advance about the changes and are directly connected with the services they need to continue to do their banking.'
'For those who are new to digital banking, or may require more assistance with the changes, we provide dedicated support and education to make the transition easier.'
The following branches will be shut down:
The current round of 'cost-cutting' will affect thousands of retail and commercial clients, according to FSU, who said that Westpac's closures are now a 'monthly attack'.
FSU national secretary Julia Angrisano remarked: 'This is no longer cutting the fat from Westpac, this latest carving up of Westpac’s branches is slicing right into the core of the bank with staff morale at rock bottom as they wait for the axe to fall on what’s left of the branch network.'
'It is clear Westpac has no regard for the community across Australia after shutting down 225 branches since January 2021.'
The Westpac group pledged to assist employees that will be affected by the shutdown in looking for other positions within the company (Picture: Westpac CEO Peter King). Credit: Mick Tsikas/AAP Image.
According to FSU, 103 bank employees' jobs will be impacted by the shutdown.
The Westpac Group promised its staff that it would help them find new positions with the business.
A spokesperson claimed: 'We have a robust process in place to assist employees to find new opportunities within Westpac Group, meaning the majority of employees affected secure a new role and continue their career in the Group,'
The closures are a major blow to the economy, as the financial sector is a major driver of growth. When businesses in the financial sector close, it has a ripple effect throughout the economy, especially the employment rate in Australia.
This is why it's so important for the government to provide support during times of economic struggle. By doing so, they could help prevent further damage to the economy and help businesses stay afloat.
Do you think the government is doing enough to address this looming employment crisis? Share your thoughts with us in the comments below!
The recession has been especially hard on businesses that were already struggling. Many businesses that were hanging on by a thread have been unable to weather the storm and have had to stop operations.
The financial sector is one of the industries that has been hit the hardest by the economic downturn. With sky-high inflation rates and a struggling economy, many financial businesses have been forced to close.
In what the banking sector union referred to as a 'savage wave of cost-cutting,' Westpac Group will close 24 additional branches in addition to the 24 it closed last month — a move that could result in the layoff of hundreds of staff.
The announcement comes after it was reported by the Finance Sector Union (FSU) that the group will be closing down several branches across the country.
It should be noted that the Westpac Group also operates St George, Bank of Melbourne and Bank SA.
Westpac announced the closure of 24 more branches following the shutdown of 24 other branches last month. Credit: Mark Baker/AP.
It was also reported last month that a number of large bank branches will be closing in the coming months, with Westpac Group making the biggest reduction with plans to close 24 locations statewide.
FSU also announced the closure of three more Commonwealth Bank locations in NSW and SA.
The Westpac Group attributed the ongoing closures to the decrease of clients visiting branches.
A Westpac spokesperson said: 'With more than five million digitally active customers, we’re investing in services to complement how our customers choose to bank.'
'We take steps to ensure customers are notified in advance about the changes and are directly connected with the services they need to continue to do their banking.'
'For those who are new to digital banking, or may require more assistance with the changes, we provide dedicated support and education to make the transition easier.'
The following branches will be shut down:
- Westpac: NSW - Vincentia, Yass; QLD - Lake St Cairns, Loganholme, Creek and Elizabeth St, Brisbane, Ayr; VIC - Moe, Ferntree Gully, Boronia, Torquay; WA - Bridgetown, Collie, Tom Price, Wongan Hills
- St George: NSW - Camden, Wynyard
- Bank of Melbourne: Kew, Northcote, 100 Collins St, Warrnambool, Mildura
- Bank SA; Yankalilla, Mannum, McLaren Vale
The current round of 'cost-cutting' will affect thousands of retail and commercial clients, according to FSU, who said that Westpac's closures are now a 'monthly attack'.
FSU national secretary Julia Angrisano remarked: 'This is no longer cutting the fat from Westpac, this latest carving up of Westpac’s branches is slicing right into the core of the bank with staff morale at rock bottom as they wait for the axe to fall on what’s left of the branch network.'
'It is clear Westpac has no regard for the community across Australia after shutting down 225 branches since January 2021.'
The Westpac group pledged to assist employees that will be affected by the shutdown in looking for other positions within the company (Picture: Westpac CEO Peter King). Credit: Mick Tsikas/AAP Image.
According to FSU, 103 bank employees' jobs will be impacted by the shutdown.
The Westpac Group promised its staff that it would help them find new positions with the business.
A spokesperson claimed: 'We have a robust process in place to assist employees to find new opportunities within Westpac Group, meaning the majority of employees affected secure a new role and continue their career in the Group,'
The closures are a major blow to the economy, as the financial sector is a major driver of growth. When businesses in the financial sector close, it has a ripple effect throughout the economy, especially the employment rate in Australia.
This is why it's so important for the government to provide support during times of economic struggle. By doing so, they could help prevent further damage to the economy and help businesses stay afloat.
Do you think the government is doing enough to address this looming employment crisis? Share your thoughts with us in the comments below!
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