Westpac to cut up to 1,500 jobs in major restructure

Westpac (ASX:WBC) is set to slash more than 1,500 jobs in what is expected to be its largest round of redundancies in a decade, as the bank pushes forward with aggressive cost-cutting targets.

The restructuring is part of a broader overhaul under a plan known as "Unite," aimed at simplifying operations and upgrading technology.

The move follows the December appointment of new chief executive Anthony Miller, who has already reshaped the executive team, including the appointment of Nathan Goonan, formerly of National Australia Bank (ASX:NAB), as CFO.

According to a report, managers have been instructed to reduce staff by 5% across most teams in the coming months, though final job cut figures have yet to be confirmed.

Based on Westpac's latest full-time employee data, this could result in the loss of approximately 1,700 jobs, in addition to the 900 positions already eliminated in the previous financial year.

A Westpac spokesperson acknowledged that while the bank continues to invest in frontline banking roles, some initiatives will require fewer resources, prompting workforce adjustments.

At the time of reporting, Westpac's share price was $31.68.