Westpac Banking will lay off some 300 workers in its Consumer and Business Banking Division as near-peak interest rates are poised to pressure net interest margin, according to an internal memo seen by trade union Finance Sector Union of Australia, Reuters reported.
The potential job cuts account for 0.8% of the Australian lender’s total full-time equivalent workforce of 37,476 as of September of last year, the article noted.
Westpac, the country’s third-largest bank, did not immediately respond to Seeking Alpha’s request for comment.
