Big four bank Westpac has announced that nearly 200 roles in its customer solutions department will be moved offshore, triggering concerns from workers and union representatives about the security and impact on customers.
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The bank confirmed that 190 jobs from South Australia and New South Wales would be transferred to the Philippines, just three months after assuring shareholders that its business was in “very good shape.” This decision follows a $1.7 billion quarterly profit report, despite a 10% drop in earnings.
Previous Offshoring Moves Raise Alarm Bells
This latest move comes less than a year after Westpac relocated 130 positions to the Philippines and India, including 62 roles in its risk department. The growing trend of job outsourcing by major financial institutions has ignited a debate about customer data security and service quality.
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Union Slams Westpac’s Decision
Finance Sector Union (FSU) National Secretary Julia Angrisano strongly criticized the bank’s actions, questioning its commitment to Australian jobs despite its substantial profits.
“Westpac made $7 billion in profit in the last financial year, a result the CEO said would ‘set Westpac up for growth and success.’ Is this what ‘growth and success’ looks like for Westpac workers?” Ms. Angrisano said.
Customer Data at Risk?
According to the union, the offshore relocation could put customer data at risk due to the sensitive nature of the roles being transferred.
“These are skilled bank workers managing complex commercial relationships and sensitive information,” Angrisano warned. “Our members at Westpac have expressed serious concerns, not only for their own job security but also for customers’ data protection.”
Westpac Responds
In a statement, a Westpac spokesperson acknowledged the transition, assuring that the bank still employs over 30,000 people across Australia.
“From time to time, we change the way we operate, and this can impact some roles and responsibilities,” the spokesperson said. “When this happens, we work closely with employees to provide tailored support and assistance with career transitions. We try to retain as many employees as possible through retraining and redeployment.”
Workers Voice Fears Over Security and Compliance Risks
The union has reached out to the NSW and SA state premiers, urging intervention in the decision. Workers have raised concerns about how account information will be handled offshore, with one anonymous employee highlighting the risks involved.
“It is risky to send this information to Manila,” the worker said. “Given the sensitivity and risk associated with the accounts we manage, it’s clear that Westpac hasn’t fully considered the impact this could have on customers, shareholders, and staff.”
Another employee added, “I never imagined this role would be outsourced given the complexity and compliance risks involved. This move could significantly damage Westpac’s reputation and credibility in the market.”
The Bigger Picture
Westpac’s decision to offshore jobs amid strong profits has reignited debates about corporate responsibility, job security, and data protection. As pressure mounts from workers and unions, it remains to be seen whether government intervention or public backlash will influence the bank’s next steps.