Hundreds of bank branches across Australia close, including Westpac and Commonwealth Bank, affecting thousands of customers
- Westpac closes hundreds of banks in Australia as it goes digital
- Big Four Bank has closed 225 stores since January last year
- 48 branches have been closed in the past two months alone
- Commonwealth Bank also closes three stores in NSW and South Australia
Hundreds of bank branches across Australia have been closed, impacting thousands of customers as banks go digital.
Westpac will close 24 stores this month and cut 103 jobs, after the closure of no fewer than 225 stores since January last year.
The move means 4,000 jobs could disappear by May 2023, according to Peter King, the chief executive of the big four bank.
Westpac closes another 24 stores and cuts 103 jobs after the closure of no fewer than 225 stores since January last year.
Last month, Westpac closed 24 branches and a call center in Perth. In July, the bank closed another 24 branches.
It aims to combine its brands under one roof by creating co-located stores with St George, Bank of Melbourne and BankSA and other services.
A total of 21 mergers would take place across the country, with these stores already operational in Dubbo, Lithgow and Port Stephens.
Westpac blames the ongoing closures on the decline in the number of customers visiting locations.
“With more than five million digitally active customers, we are investing in services to complement the way our customers choose to bank,” said a Westpac spokesperson.
“We are taking steps to ensure that customers are notified in advance of the changes and are immediately connected to the services they need to continue their banking business.
“For those who are new to digital banking, or may need more help 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” by the bank and it will affect thousands of customers.
This no longer cuts Westpac’s fat, this latest breakdown of Westpac’s branches cuts right to the core of the bank with staff morale at the bottom as they wait for the ax to fall on what’s left of the branch network FSU National Secretary Julia Angrisano said.
“It is clear that Westpac has no respect for the community across Australia after closing 225 branches since January 2021.”
Westpac says it will help employees find new positions within the company in branches affected by closures.
“We have a robust process in place to help employees find new opportunities within Westpac Group, which means that the majority of the employees involved will find new roles and continue their careers within the Group,” the spokesperson said.
Commonwealth Bank closes three branches as they follow similar tactics to their big four rivals
Commonwealth Bank is closing three branches as they follow a similar tactic to their big four rival.
The stores, in NSW and South Australia, are within 300 meters of Australia Post stores which have banking services covering 98 per cent of all transactions.