Australia | More Westpac jobs go offshore

The Australian – WESTPAC is ramping up its outsourcing strategy by sending a further 126 positions offshore, adding to the growing number of job losses across the finance sector and sparking calls the banks are in a “race to the bottom” to rein in costs to protect profits.

After cutting at least 748 jobs across the bank since November, Westpac yesterday confirmed that last week it told 119 technology workers and seven staff in collections – mostly in Sydney – their jobs would be heading offshore, likely to India.

While a spokesman said “about a third” of staff could be redeployed within the bank, the losses add to about 1000 jobs Macquarie Group shed in the past 12 months and a further 1000 on ANZ’s radar.

Analysts have warned the big four banks alone could cull 7000 jobs in the coming two years.

“It’s unfortunate that people lose their jobs, but it’s inevitable in this environment,” Equity Trustees portfolio manager Zia Rahman said. “That’s the lever you can pull at the moment when the revenue line is not really growing.” …

via More Westpac jobs go offshore | The Australian.