ANZ and Westpac Will Outsource Jobs

Banking giants ANZ Bank (ASX:ANZ) and Westpac (ASX:WBC) are getting ready to shift jobs to Asia in a cost-cutting effort. Up to 250 jobs may be affected in the move to boost profit growth. ANZ plans to move around 100 jobs while Westpac could send 150 positions abroad.

A spokesman for Westpac said that the company has lifted its ban on outsourcing, set in place at the height of the global financial crisis. Sydney and Adelaide-based banking and collections services are going to global service providers over the following months.

An ANZ spokesman said the company is "improving efficiencies across the bank" with the move, but plans to offer displaced staff alternative options within the bank.

The action angered the Finance Sector Union (FSU), which said that the banking industry needs a plan to keep jobs in the country. Leon Carter, FSU national secretary, said workers were tired of not knowing when the axe will drop.

"We were told that 150 jobs were in scope to move abroad by ANZ and 100 by Westpac", said Carter.

Plans to move jobs offshore come as national banks grow their operations in Asia.