Hundreds of bank branches close right across Australia including Westpac and Commonwealth Bank – impacting thousands of customers
- Westpac closing hundreds of banks around Australia as it turns digital
- Big four bank has seen 225 stores shut since January last year
- There have been 48 branches close in the past two months alone
- Commonwealth Bank are also closing three stores in NSW and South Australia
Hundreds of bank branches have closed across Australia, impacting thousands of customers as banks go digital.
Westpac is shutting 24 branches and cutting 103 jobs this month after closing a staggering 225 stores since January last year.
The move means 4,000 jobs could disappear by May, 2023, according to the big four bank’s chief executive Peter King.
Westpac are shutting a further 24 branches and cutting 103 jobs after closing a staggering 225 stores since January last year.
Last month, Westpac closed 24 branches and a call centre in Perth. In July, the bank closed a further 24 branches.
It is looking to combine its brands under one roof, creating co-located stores with St George, Bank of Melbourne and BankSA and other services.
There would be 21 total mergers across the country, with these stores already operational in Dubbo, Lithgow and Port Stephens.
Westpac blames the continued closures on the decline in the number of customers attending branches.
‘With more than five million digitally active customers, we’re investing in services to complement how our customers choose to bank,’ a Westpac spokesperson said.
‘We take steps to ensure customers are notified in advance about the changes and are directly connected with the services they need to continue to do their banking.
‘For those who are new to digital banking, or may require more assistance with the changes, we provide dedicated support and education to make the transition easier.’
However the Financial Services Union (FSU) says the closures were the latest round of ‘cost cutting’ from the bank, and that it will impact thousands of customers.
‘This is no longer cutting the fat from Westpac, this latest carving up of Westpac’s branches is slicing right into the core of the bank with staff morale at rock bottom as they wait for the axe to fall on what’s left of the branch network,’ FSU national secretary Julia Angrisano said.
‘It is clear Westpac has no regard for the community across Australia after shutting down 225 branches since January 2021.’
Westpac says it will assist workers find new roles within the company at the branches impacted by closures.
‘We have a robust process in place to assist employees to find new opportunities within Westpac Group, meaning the majority of employees affected secure a new role and continue their career in the Group,’ the spokesperson said.
Commonwealth Bank are closing three branches as they follow a similar tact to their big four rival
Commonwealth Bank are closing three branches as they follow a similar tact to their big four rival.
The stores, in NSW and South Australia, are located within 300 metres of Australia Post shops which have banking services that cover 98 per cent of all transactions.