Australian bank Westpac is set to cut jobs in Asia. The move comes as the largest Australian banks work hard at managing their costs and shift their focus on domestic business.
In a report from The Australian Financial Review the Sydney headquartered bank is said to be looking at cutting positions in Singapore.
Westpac is also present in China, Hong Kong and India however no mention is made of other locations being considered for job losses.
Last month a report from local Singaporean publication Today revealed a steady stream of retrenchments at ANZ's city-state operations. The report detailed that in the region of 20 percent or 400 positions had been lost in «cost cutting» exercises.
De-Coupling From Asia
Westpac along with its other large bank peers is due to report its annual results early next month. National Australia Bank (NAB) will kick the reporting season of and set the benchmark when it reports next week.
As China has slowed the four major banks in Australia have been considering their Asian exposure.
After many years of Asian expansion The Australia and New Zealand Banking Group (ANZ) has been reversing the Asian push promoted by previous CEO Mike Smith, this includes potentially selling their Asian wealth management business units.
