Westpac to cut over 100 jobs in Catalyst restructure – www.hcamag.com

Union says move made its members lose faith in management promises
Westpac is cutting more than 100 jobs in its workforce in a move that the union said made members lose faith in "management promises."
The Financial Services Union (FSU) said Westpac is proposing a restructure of its Risk, Institutional Banking, and Finance teams, which will impact a total of 174 jobs.
Of those roles, 102 positions will be made redundant, while the remaining 72 will be moved to comparable roles.
Consultation regarding the proposed restructure is underway, according to the union, which blamed the changes on the internal Catalyst program in the bank.
The Catalyst program, led by chief financial officer Nathan Goonan, refers to an internal plan from Westpac aimed at simplifying operations and cutting costs, the Australian Financial Review (AFR) reported.
According to the AFR report, the programme structures teams into 20 delivery units organised around specific functions, such as home lending or financial markets, rather than around a skill set such as technology.
The FSU said the announced cuts contradict earlier assurances from Westpac management.
"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 has confirmed to HRD Australia that the FSU's figures on the number of roles affected by the restructure are 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 added that the bank actively seeks "to retain employees wherever possible, through retraining and redeployment."
Those who will leave will also be provided with tailored support and assistance with career transition, according to the Westpac spokesperson.
Westpac is a major Australian employer with more than 30,000 people employed across the country. In financial year 2025, it hired more than 5,000 people.

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