Westpac Bank Outlines Restructuring Plans

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Australian banking and financial services company Westpac is planning to restructure its organization, which will help bring its services closer to people and reduce costs.

To implement the plans, the company will reduce its corporate functions by around 20% and create a “small, more focussed head office.”

This includes merging the Tech, Finance and HR support divisions into a newly created division called customer services and technology. This division will be led by Scott Collary, the company’s current COO.

Another newly created division (corporate services) will combine the combined services of real estate, procurement, HR services, financial services, corporate affairs, and community and sustainability. This division will be led by Carolyn McCann, the company’s current customer and corporate relations group executive.

According to the bank, the changes already implemented have led to the reduction of more than 1,100 employees, including contractors and staff.

For more information, read the original story in ZDNet.

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