In a move that has sent shockwaves through the country’s workforce, Westpac, one of the nation’s ‘big four’ banks, has announced its intention to offshore 190 jobs from its customer solutions division. This decision comes hot on the heels of the bank’s declaration of a $1.7 billion quarterly profit, a figure that, while impressive, actually represents a 10 per cent drop in earnings.
The news has sparked a fierce backlash from employees and the Finance Sector Union (FSU), raising serious concerns about job security, customer privacy, and the broader implications for the economy.
Westpac’s decision to relocate these positions from South Australia and New South Wales to the Philippines is not an isolated incident. Less than a year ago, the bank shifted 130 roles to the Philippines and India, including 62 in the risk department.
This pattern of offshoring has become a troubling trend for Australian workers, particularly those in the banking sector, who are increasingly finding their roles vulnerable to global outsourcing strategies.
The FSU has been vocal in its criticism of Westpac’s latest move. National Secretary Julia Angrisano has condemned the bank’s actions, questioning the integrity of Westpac’s commitment to growth and success.
Ms Angrisano questioned whether this is what ‘growth and success’ looks like for the bank’s workers, taking into account that Westpac ‘made $7 billion in profit in the last financial year.’
The union’s concerns extend beyond job losses. Ms Angrisano also highlighted that offshore relocation of roles that manage complex commercial relationships and handle sensitive information could potentially expose customers’ data to increased risk.
‘Our members who work at Westpac have told us about their concerns not just for their own jobs, but for customers and the security of their data,’ she explained.
Meanwhile, a Westpac spokesperson has attempted to reassure the public, stating that the bank employs over 30,000 people across the country and that changes in operations sometimes necessitate role adjustments.
The spokesperson also emphasised Westpac’s commitment to supporting affected employees through ‘career transition, retraining, and redeployment’ within the Westpac Group.
Despite these assurances, the FSU has taken action, reaching out to the premiers of New South Wales and South Australia, urging them to intervene. Workers have voiced their concerns about the handling of account information, with one employee, who chose to remain anonymous, stating, ‘It is risky to send this information to Manila.’
The sentiment among Westpac staff is one of disbelief and concern. ‘I never thought this role would have been outsourced to an offshore ‘partner’ given the complexity and compliance risks associated with the complex accounts we work with,’ said another employee.
As you navigate these uncertain times, it’s essential to stay informed and proactive. If you’re a Westpac customer, consider reaching out to the bank for clarification on how your data will be protected. If you’re in the banking sector, or any industry facing similar offshoring trends, it’s crucial to understand your rights and the support available to you.
We invite you to share your thoughts on Westpac’s big move in the comments below. Your insights are valuable to the YourLifeChoices community.
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The lose of jobs is abhorent! It also creates great risk to customers, and the security of their personal information. Another thing not mentioned above, it seems that once again Australian’s will be struggling to understand what the person on the line is saying. Putting foreign speaking people (who’s 2nd language might be English), into trouble shooting roles with the public is a recipe for disaster for customers, and deeply sad for Australians trying to earn a living!
That’s 190 Australian Jobs Gone, for what, a small saving in costs, and the possibility of Data Breaches with Customers Private Details being made available to an Overseas Entity.
Depending on the destination of these jobs, the Call Centre Operator will not have English for a First Language, and it could be their 2nd, 3rd or even 6th or 7th.
I have a friend, who is from the Philippines, she is reasonably proficient in English considering that it is her 6th language, but I would not put her in a Call Centre !!!
As a Wpac customer of many years, I am horrified – concerned about the possibilities of being scammed/defrauded etc. And the thought of another strongly accented voice, who may know English well, but may not be able to clearly speak it so that I can understand them and converse with them, being the one that answers the phone when I have a query, and having to ask them to STOP talking, and listen to what I am asking and can they speak more slowly so that I can understand what they are getting at. Our personal finance is a very serious matter, and we MUST be able to understand what is happening with it.