Key facts
- About 140 roles were affected by workforce changes at Westpac.
- Westpac stated the changes are part of a broader organizational restructure.
- The Finance Sector Union claimed Westpac is accelerating AI to cut jobs.
- Westpac's shares ended 0.4% higher at A$35.68.
Westpac stated on Thursday that about 140 roles affected by workforce changes this week were part of a broader organizational restructure, not AI-driven job cuts. The Finance Sector Union, however, claimed the Australian lender is accelerating the rollout of "job-destroying AI," similar to rival National Australia Bank's announcement of up to 2,500 job cuts. The union also warned that further cuts could pressure workers and highlighted a lack of strong regulatory guardrails for AI. Australia's banking industry has seen significant workforce changes in recent years amid streamlining operations and cost-cutting efforts, occurring against a backdrop of a softening labor market with the jobless rate rising to 4.7% in September. Westpac's shares ended 0.4% higher at A$35.68.