Westpac has just announced that it will be sending 190 Australian jobs overseas to the Philippines, and this move has sparked major concerns among customers and employees.
The affected workers are mostly from South Australia and New South Wales, and they’re worried about the security of customer data.
What’s Behind the Decision?
The Finance Sector Union says that around 190 roles from Westpac’s mortgage operations, institutional banking, and customer solutions will be offshored.
This news comes just three months after Westpac’s CEO boasted that the bank was “in very good shape” with a $7 billion profit in the last financial year. It seems like the bank is trying to cut costs, but at what expense?
A Westpac Spokesperson Weighs In
According to a Westpac spokesperson, the changes are part of the bank’s efforts to streamline its head office and operational functions.
They claim that this move only affects around half a percent of their workforce, which is over 30,000 people across Australia.
The spokesperson also reassured that Westpac will provide support and assistance to the affected employees, including retraining and redeployment opportunities.
But What About Customer Data Security?
The Finance Sector Union is not convinced that offshoring these jobs is a good idea.
National secretary Julia Angrisano condemned the move, saying that these skilled bank workers manage complex commercial relationships and sensitive information.
She’s worried that customers’ data will be at risk, and that Westpac hasn’t thought through the potential consequences.
Employees Speak Out
Some Westpac workers, who wished to remain anonymous, shared their concerns with the FSU.
They’re not just worried about their own jobs, but also about the potential risks to customers and the security of their data.
One worker pointed out that the accounts they manage are complex and sensitive, and that offshoring these roles could have serious implications.
A History of Job Cuts
This isn’t the first time Westpac has cut jobs and sent them overseas.
Just last year, the bank cut 132 jobs from its risk-management, operations, and sales divisions, with some positions shifting offshore to India and the Philippines. It seems like Westpac is following a trend, but is it the right one?