Westpac needs to halt offshoring jobs: FSU



The Finance Sector Union (FSU) has raised concerns about a Westpac proposal to offshore 16 jobs to the Philippines, amid the bank’s money laundering scandal.
The FSU national assistant secretary, Nathan Rees, said that thousands of Westpac workers performed their roles diligently, legally, and ethically every day and they were “deeply distressed by the allegations, and they are angry” that Westpac board and executive decisions were not reflective of community expectations.
“The offshoring raises serious concerns about quality of service, protection of customer data, and the obvious implications for Australian jobs. The bank has zero credibility on this issue,” Rees said.
“We are calling on Westpac to cease this proposal forthwith, and for it not to be resurrected in any way, shape or form.”
The FSU said the Westpac chair needed to intervene in the matter and halt the offshoring.
“The executive ranks of Westpac have a demonstrated inability to read the public mood, and the board is ultimately responsible for the prevailing culture and strategy in Westpac,” Rees said.
“Lindsay Maxsted must send a strong message that reputation matters more than short-term cost cutting.”
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.