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Commonwealth Bank, Westpac, NAB to close dozens of suburban branches, with fears for 100 jobs

Commonwealth Bank, Westpac, NAB to close dozens of suburban branches, with fears for 100 jobs

Dozens of major bank branches across Australia are set to close within months, with the finance union expecting more than 100 jobs to be cut.

A total of 37 branches are confirmed to close over the next few months.

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What does it mean for customers and jobs?

Westpac Group has made the most significant slash, with 24 branches set to shut nationwide.

The group says the “majority” of employees will be unaffected by the move and will go on to other jobs within the company.

Chief customer engagement officer Ross Miller said the closures are an investment in how customers are choosing to bank.

“Declining customer use of branches means that, in some instances, we may take a difficult decision to leave a branch location,” Miller told 7NEWS.com.au, adding Westpac Group services more than five million digitally active customers.

“In these instances, we continue to support our customers with access to banking services via Bank@Post, telephone, mobile and virtual banking.”

Miller said customers will be notified in advance about the changes and will be directly connected to the services they will need to continue to bank.

He said there was a “robust process” in place to help employees find new opportunities within Westpac Group, meaning “the majority of employees affected secure a new role and continue their career”.

“As we continue to adapt to our changing customer needs, this will result in new opportunities for our employees within the Westpac Group as we grow our phone, digital and virtual offerings,” he said.

Westpac Group is closing 24 branches across Australia as it shifts to digital. Credit: AAP

NAB has confirmed it is closing nine branches, and vowed no employees would be cut.

“As more and more customers are choosing to bank online, we’ve made the difficult decision to close some branches,” personal banking executive Krissie Jones told 7NEWS.com.au.

“The branch teams have begun talking to customers about alternatives available such as Bank@post, mobile bankers, home lending specialists or business bankers who they can meet in person or via phone or video link.”

Jones said employees at closing branches will be offered jobs at other branches or elsewhere throughout the organisation.

“There will be no job losses as a result of any branch closure and we will still be there for our customers, just in different ways,” she said.

Australian Banking Association chief executive Anna Bligh says banks are investing in new digital services to meet the needs of customers, who have shifted towards online banking.

“Banks remain committed to providing banking services to every Australian, especially those in regional and remote areas,” she told 7NEWS.com.au.

“Despite more than 80 per cent of Australians preferring to do their everyday banking online, banks still have thousands of branches across the country, in addition to the banking services that banks pay to make available in 3500 Australia Post outlets.

“There will be a place for physical bank branches in Australia well into the future, but Australians are embracing digital banking with their arms wide open.”

NAB has vowed no jobs will be lost in the branch closures. Credit: JOEL CARRETT/AAPIMAGE

While the banks say they are committed to supporting workers transition to new roles, the Finance Sector Union expects 182 Aussies to lose their jobs as the closures reach “crisis point”.

“This latest list of closures means the big four have closed more than 550 bank branches across Australia since January 2020,” national secretary Julia Angrisano told news.com.au.

“We must act to stop the banks walking away from communities in our suburbs and towns.

“It’s time to examine the impact of these closures which have hit hundreds of communities across the country.”

Customers at all the banks will continue to be able to access Bank@post at Australia Post Offices.

The full list of branch closures

WA

  • Westpac: Mandurah, South Perth

SA

  • Bank SA: Munno Parra, St Peters

VIC

  • Westpac: Braeside, Whittlesea, Werribee, Lilydale
  • Bank of Melbourne: Croydon, Coburg, Fitzroy, Sunbury, Footscray, 114 William St Melb, Mornington
  • NAB: Mornington
  • CBA: Drysdale, Woodend

NSW

  • Westpac: Lakemba, Engadine, Corrimal, Kingscliff
  • St George: Five Dock
  • NAB: Lavington, Narrandera, Corrimal, Figtree, Cronulla, Maroubra
  • CBA: Annandale, Toongabbie, Lindfield

QLD

  • Westpac: Ashmore, Nerang, Rockhampton
  • NAB: Wynnum

NT

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Categories
Business

Westpac, CBA and NAB banks close 37 branches, 182 jobs lost

Westpac, CBA and NAB banks close 37 branches, 182 jobs lost

Dozens of major bank branches are set to be closed over the next few months which will see 182 Australians lose their jobs, according to the Finance Sector Union.

In total, 37 branches will be shuttered across the nation, with the union describing the closures as reaching “crisis point”.

Westpac Group is making the most dramatic cuts with 24 branches being shut down across the country.

In NSW, Westpac branches in the suburbs of Lakemba, Engadine, Corrimal and Kingscliff will be shuttered in coming months, while Queensland’s branches in Ashmore, Nerang and Rockhampton will also be shut.

The closures will also hit Westpac’s Western Australian branches based on Mandurah and South Perthwhile the berrimah branch in the Northern Territory has also been cut.

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The Finance Sector Union said it had campaigned against branch closures for many years but is now seeking government intervention to protect local economies and save what’s left of Australia’s bank branch network.

“This latest list of closures means the big four have closed more than 550 bank branches across Australia since January 2020,” said Finance Sector Union (FSU) national secretary Julia Angrisano.

“We must act to stop the banks walking away from communities in our suburbs and towns. It’s time to examine the impact of these closures which have hit hundreds of communities across the country.”

Others set to close down as part of the Westpac Group include St George’s NSW branch in Five Dockthe Bank SA’s branches in Munno Parra and St Peterswhile the Bank of Melbourne will also lose seven branches.

The Bank of Melbourne branches include Croydon, Coburg, Fitzroy, Sunbury, Footscray, 114 William St Melb and Mornington.

Meanwhile, the NAB is closing nine branches across three states, including sites located in Lavington, Narrandera, Corrimal, Figtree, Cronulla and Maroubra in NSW, Wynnum in QLD and North Melbourne in Victoria.

Two states will be impacted by branch closures by the CBA, including the NSW suburbs of Annandale, Toongabbie and Lindfieldas well as Drysdale and Woodend in Victoria.

Ms Angrisano said communities depend on the banks to deliver financial services and feared the current trend would mean no branches in the future.

“The banks notify the FSU about upcoming closures. In this case, two banking brands are being withdrawn from the same location in Corrimal, NSW. Imagine the impact of losing two more banks in the same suburb?,” she said.

She said the banks had failed to support local communities and cost savings from branch closures were designed to increase the banks’ already huge profits.

“We need an inquiry into bank branch closures to assess the impact on local communities when the banks pull out of suburbs and towns,” she said.

“The UK has a formal ‘community impact assessment test’ and we need a similar test to ring-fence our branches and make sure banking services the public which they derive their profits from.”

A Westpac Group spokesperson said with more than five million digitally active customers, it was investing in services to complement how our customers choose to bank.

“Declining customer use of branches means that in some instances, we may take a difficult decision to leave a branch location. In these instances, we continue to support our customers with access to banking services via Bank@Post, telephone, mobile and virtual banking,” they said.

“We take steps to ensure customers are notified in advance about the changes and are directly connected with the services they need to continue to do their banking. For those who are new to digital banking, or may require more assistance with the changes, we provide dedicated support and education to make the transition easier.

They added that the “majority” of affected employees would secure a new role within the group.

Krissie Jones, from NAB executive retail, said as more and more customers are choosing to bank online, we’ve made the difficult decision to close some branches that receive less customer visits.

“Increasingly Australians are banking digitally, with more than 94 per cent of customer interactions now taking place over the phone, by video or online,” she said.

“While these branches will no longer be there, we will still be there for our customers – just in different ways,” she said. “Over the past few years, fewer customers are coming into branches to do their banking and foot traffic has lessened, which has been accelerated by Covid.”

She added there will be no job losses at NAB and the branch team will also be working with customers over the coming weeks to talk with them about the various banking alternatives available.

CBA did not respond to news.com.au’s request for comment before publication.

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