Bankwest sheds 250 jobs in WA

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Bankwest sheds 250 jobs in WA

30th March 2009, 7:15 WST

WA's biggest bank will cut 400 jobs from its workforce due to the economic downturn.

Bankwest confirmed this morning that about 250 roles in WA and 150 on the east coast would be made redundant this year.

The decision comes after four years of rapid expansion that has seen Perth-based Bankwest increase its workforce from 3340 to 5100.

Bankwest managing director Jon Sutton said when he assumed the role of managing director late last year he believed there would be no job losses in 2009.

But a rapidly deteriorating economy meant Bankwest had to make adjustments if it was to remain an efficient and viable business.

"The deteriorating national and Western Australian economies and a high cost base mean Bankwest has no choice but to cut costs to remain competitive,” he said this morning.

"As an independent entity with its own banking licence and board of directors, Bankwest remains committed to being the leading bank for West Australians and to building our business by providing attractive and competitive products for our customers.

"Lowering our costs will strengthen our ability to continue delivering some of the most competitive home loans, deposit rates and credit cards in Australia for the benefit of almost one million customers."

Mr Sutton said Bankwest would continue to be run as an independent bank headquartered in Perth.

He said no retail customer facing roles will be lost under the workforce decision and no stores will be closed.

"I regret the impact on Bankwest staff but those affected will receive severance payments and outplacement support to assist them to find other employment,” Mr Sutton said.

"Decisions of this sort are never easy and are only taken after full investigations of all options available."

Bankwest is a wholly-owned subsidiary of the Commonwealth Bank of Australia.



Post Date: 30 Mar 09