Westpac Cuts 242 Jobs Amid AI Adoption and Housing Slump

Westpac Banking Corp. is cutting a total of 242 roles across its organization, citing the increased implementation of artificial intelligence technology and a weak housing market in Australia.

The bank informed the Finance Sector Union of the latest reduction of 140 roles on October 22. This follows a previous announcement two weeks prior that eliminated 102 positions. While the most recent cuts target roles across the entire organization, the earlier reductions specifically impacted the bank's finance, institutional banking, and risk teams.