Westpac Plans to Eliminate More Than 1,500 Jobs, AFR Reports

Westpac Banking Corp. is planning to cut more than 1,500 jobs in the bank’s biggest redundancy in a decade as it strives to meet ambitious cost reduction targets, the Australian Financial Review reported, citing unidentified people.

The overhaul involves transforming the business by simplifying its processes and technology under a plan known as Unite. It comes after the appointment in December of Chief Executive Officer Anthony Miller, who has already made significant changes to the executive team, including poaching Nathan Goonan from rival National Australia Bank Ltd. as chief financial officer.