Westpac To Slash 20% Of Marketing Jobs Amid Ongoing Cost Cuts
Westpac has announced a three-year plan to reduce its overall cost base, which includes cutting 20 per cent of marketing roles.
The Australian reports 90 jobs will be affected as a result of the bank’s restructuring, while agency partnerships with Saatchi & Saatchi, FinchCo and Junkee will also feel the sting, despite Westpac saying all three would remain preferred suppliers.
The bank says cuts to its marketing department will help reduce overall costs, as well as streamlining the marketing model and making the overall business more simplified.
“We are consulting with our people on these changes and will support affected employees throughout this process, including with redeployment opportunities,” Westpac chief brand and marketing officer, Annabel Fribence told The Australian.
However, there will be no changes to Westpac’s current partnerships with Spark Foundry, Lavender and DDB.
“This is key to delivering better services for customers and better results for shareholders,” Westpac CEO, Peter King, told The Australian.
“The changes are primarily across head office and support functions, and not customer-facing roles.
“Bringing our workforce closer to the frontline, combined with the increases we have already made to the number of bankers, will further strengthen our franchise for customers.”
This morning’s announcement follows the Westpac’s slashing of 1100 head office jobs in the previous financial quarter, owing to what many believe is an increasing customer desire to move to fixed-rate home loans with lower cost businesses.
The ongoing cost cuts are part of Westpac’s plan to reduce its cost base to $8 billion by 2024.
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