Westpac: 1,500 jobs cut

Westpac will cut 1,500 jobs (about 5% of its 36,000 workforce). The bank is investing heavily in AI, having established four reusable AI solution patterns, delivered eight AI solutions, and was constructing 14 more. The connection to AI is moderate — while the company is investing in AI capabilities, the layoffs were attributed to broader restructuring alongside technology adoption. Of the 1,500 total positions affected, our methodology estimates that approximately 600 roles (40%) are attributable to AI-driven changes. This is part of a broader pattern in Banking where companies are restructuring operations around AI capabilities while reducing headcount in functions susceptible to automation.