Why is Westpac (ASX:WBC) cutting jobs in its BT Panorama division?

Westpac is cutting 94 roles as part of its $3.5 billion "Unite" simplification program following the successful migration of customers from the legacy Asgard platform to BT Panorama.

What is the Westpac (ASX:WBC) "Unite" strategy?

The "Unite" strategy is a multi-year, $3.5 billion initiative designed to streamline Westpac’s complex and fragmented technology systems. The goal is to eliminate "spaghetti-like" infrastructure and consolidate various sub-brands—like St. George, Bank of Melbourne, and BankSA—into a more efficient, unified banking system.

How does the decommissioning of the Asgard platform affect Westpac's wealth business?

Decommissioning Asgard allows Westpac to consolidate its wealth offerings onto the single BT Panorama platform, significantly reducing the operational overhead of maintaining multiple investment environments.

Why did Westpac (ASX:WBC) decide to keep BT Panorama instead of selling it?

In 2023, Westpac abandoned plans to sell BT after potential buyers—including AMP and Netwealth—failed to meet the bank's valuation expectations.

Is the Westpac (ASX:WBC) restructuring good or bad for shareholders?

The restructuring is generally seen as a long-term positive for margins, as it reduces duplicated costs and technical debt. However, the $3.5 billion price tag for the "Unite" program is substantial.

Westpac slashes 94 BT Panorama jobs in simplification drive

Q: What is the next phase of the Westpac (ASX:WBC) simplification plan?

Following the wealth platform consolidation, Westpac is shifting focus toward migrating corporate customers from its subsidiary brands (Bank of Melbourne, BankSA, and St. George) into a single commercial banking division.

Written by Heidi Cuthbert Published May. 12 2026Last Updated May. 12 2026

Westpac (ASX:WBC) announced the redundancy of 94 positions within its BT Panorama wealth business, marking a milestone in the lender’s ambitious $3.5 billion "Unite" simplification strategy.

The job cuts follow the migration of customers from the legacy Asgard platform to the contemporary BT Panorama system, allowing the bank to finally decommission the older infrastructure.

The move represents a tangible outcome of CEO Anthony Miller’s push to dismantle the "spaghetti-like" complexity of the bank’s technology systems.

For years, Westpac has grappled with disjointed operations stemming from its 2008 acquisition of St George, effectively functioning as several mid-sized banks rather than a single, streamlined entity.

By consolidating its wealth offerings into a single platform, the bank aims to reduce the operational overhead inherent in maintaining multiple investment environments for managed funds and shares.

BT CEO Matt Rady confirmed the restructuring on May 11, noting that the changes primarily impact head office and operational functions.

Rady emphasised that the bank had attempted to mitigate the impact through internal transfers and retraining, stating that the new structure is designed for a "single platform" operating model.

The consolidation follows Westpac’s 2023 decision to retain BT in-house after a high-profile sale process failed to meet the bank's valuation expectations.

With the Asgard transition complete, Westpac is now shifting its focus towards migrating corporate customers from its subsidiary brands—including Bank of Melbourne and BankSA—into a unified commercial banking division.

At the time of reporting, Westpac’s share price was $36.82.