Westpac Banking Corporation
ASX:WBCAustralia's oldest bank. Consumer, business, and institutional banking.
Reported Offshore Headcount
2,000+
reported 1 Apr 2020, Westpac brings 1,000 jobs back to Australia from India/Philippines
Estimated % of Workforce
~5.4%
illustrative, not directly reported by the company
Destination Countries
Financial Context
Market Cap
$100.0B
Revenue
$21.2B
Net Profit
$7.0B
Estimated Wage Differential
~$170M/yr
CEO: Anthony Miller
$7,911,000
101x avg Australian worker
Illustrative wage differential: if the 2,000+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$170M/yr (~2.4% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Every dollar paid offshore leaves the Australian economy, reducing local wages, tax receipts, and economic circulation. Why it matters
Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2020, Westpac Banking Corporation was reported to have 2,000+ offshore contractors and staff.
- This represents ~5.4% when compared to its current workforce of 37,000 (illustrative comparison only, not directly reported by the company).
- 🇵🇭 200+ staff reported in Philippines in Call Centre, Back Office.
- 🇮🇳 70+ staff reported in India in IT, Back Office.
- Known outsourcing partners include Accenture, Infosys, Tata Consultancy Services, Genpact, Concentrix, Deloitte, PwC, EY, KPMG, IBM.
- 2,076 Australian jobs have been cut, with some occurring during periods of offshore expansion.
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
The Story
- October 2026Two rounds in two weeks, announced quietly. The AFR reports Westpac “chopping another 151 jobs related to its Catalyst simplification program on top of the 103 just two weeks ago”, which is 254 for the month. That reconciles the union's figures: the FSU headlined 253 and elsewhere described “over 200” redundancies, the latter apparently counting the roughly 100 roles moved to comparable positions alongside the redundancies. The first round took 103 roles from Risk, Institutional Banking and Finance. The Catalyst round covers BT, Everyday Banking, Private Wealth, Technology, Business Lending, Cash & Transactional Banking Operations, Finance and Enterprise Delivery, Business and Wealth, Consumer, Digital and Data Technology, and Consumer COO Technology. The FSU had been assured that Westpac's engagement with Catalyst “was not a job-cutting exercise”, and says it “is deeply concerned that there may be more announcements to come”. No destination country or vendor was named for any of it, which is the recurring difficulty with Westpac: it offshores through contractors, mostly Genpact, Tata Consultancy Services and Concentrix, and does not disclose how many people that involves. [Australian Financial Review (via archive.is)]
- October 2026The FSU also questioned “Westpac's assurances that their engagement with Catalyst was not a job-cutting exercise”, and said it “is deeply concerned that there may be more announcements to come”. Westpac has not said publicly what Catalyst involves or whether any of the work moves offshore. [Finance Sector Union]
- May 2026AFR confirmed Westpac operates under a different offshore model to the other big four banks (using offshore contractors, "mostly Genpact and Concentrix") and does not disclose worker numbers. The contractor model came under union scrutiny alongside last year's announcement of 132 cuts including 70 roles sent to India and the Philippines. [People Matters (reporting AFR)]
- 2025Westpac confirmed plans to relocate nearly 200 Australian banking jobs to its Manila operations. [Yahoo Finance]
- 2025Westpac uses outsourcing partners Genpact, Tata Consultancy Services (TCS), and Concentrix for offshored operations in India and the Philippines. [Outsource Accelerator]
- May 2025Westpac announced over 1,500 job cuts as part of its "Unite" strategy, focusing on streamlining operations and modernising technology. [Business Standard]
- February 2024Westpac cut 132 positions across risk management, operations and sales: 62 from risk, 50 from operations, and a further 20 from sales announced in January. Around 70 of the roles were outsourced to India and the Philippines, with providers including Genpact, Tata Consultancy Services and Concentrix. Westpac said the changes were in head office and operational functions and represented less than half a per cent of its workforce. FSU national secretary Julia Angrisano said Westpac's strategy of continually outsourcing jobs to external service providers “does nothing for staff morale”. Westpac declined to disclose its total contractor numbers in India and the Philippines. [Outsource Accelerator]
- 2020During COVID-19, Westpac brought call centre jobs back to Australia citing service disruptions at offshore partners in the Philippines and India. [Matchboard]
All facts sourced from public reporting. No editorial commentary. Click source links to verify.
Department Breakdown
| Department | Country | Headcount | Confidence |
|---|---|---|---|
| Back Office | 🇵🇭 Philippines | 200 | Confirmed |
| Back Office | 🇮🇳 India | 70 | Confirmed |
Offshoring Timeline
| Date | Department | Country | Headcount | Confidence |
|---|---|---|---|---|
| 1 Sept 2024 | Back Office | 🇮🇳 India | 70 | Confirmed |
| 1 Jun 2025 | Back Office | 🇵🇭 Philippines | 200 | Confirmed |
| 1 Jun 2025 | IT | 🇮🇳 India | — | Estimated |
| 1 Dec 2025 | Call Centre | 🇵🇭 Philippines | — | Confirmed |
Layoff Events
| Date | Headcount | Location | Department | Notes |
|---|---|---|---|---|
| 20 Oct 2026 | 151 | Australia | — | A second October round two weeks later: 151 roles tied to Catalyst, Westpac's simplification program, taking the month to 254. Affected areas named by the union are BT, Everyday Banking, Private Wealth, Technology, Business Lending, Cash & Transactional Banking Operations, Finance and Enterprise Delivery, Business and Wealth, Consumer, Digital and Data Technology, and Consumer COO Technology, alongside about 100 further roles moved to comparable positions. The FSU had been assured that Westpac's engagement with Catalyst "was not a job-cutting exercise" and said it "is deeply concerned that there may be more announcements to come". No destination country or vendor was named for the work. |
| 7 Oct 2026 | 103 | Australia | — | Westpac cut 103 roles from its Risk, Institutional Banking and Finance teams, the first of two October 2026 rounds. No destination was named. Westpac does not disclose its offshore contractor numbers; its named providers are Genpact, Tata Consultancy Services and Concentrix. |
| 1 Jun 2025 | 190 | Australia | back_office | Linked to offshoring record |
| 21 May 2025 | 1,500 | Australia | technology | Linked to offshoring record |
| 1 Sept 2024 | 132 | Australia | back_office | Linked to offshoring record |
Consultancy Engagements
| Vendor | Type | Contract Value | Status |
|---|---|---|---|
| Accenture | Managed Services | — | Confirmed |
| Infosys | Outsourced Dev | — | Confirmed |
| Tata Consultancy Services | Managed Services | — | Confirmed |
| Genpact | BPO | — | Confirmed |
| Concentrix | BPO | — | Confirmed |
| Deloitte | Consulting | — | Confirmed |
| PwC | Consulting | — | Confirmed |
| EY | Consulting | — | Confirmed |
| KPMG | Consulting | — | Confirmed |
| IBM | Managed Services | — | Confirmed |
Other Banking Companies That Offshore
Other companies in banking with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| ANZ | ANZ | 11,500+ | 🇵🇭 Philippines🇮🇳 India |
| NAB | NAB | 7,000+ | 🇮🇳 India🇻🇳 Vietnam🇵🇭 Philippines |
| Commonwealth Bank | CBA | 6,935+ | 🇿🇦 South Africa🇮🇳 India |
| Macquarie | MQG | 1,000+ | 🇵🇭 Philippines |
| Bank of Queensland | BOQ | 213+ | 🇮🇳 India |
Featured In
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“Westpac proposed over 200 redundancies plus about 100 roles moving to comparable positions, taking the FSU's running total for October past 300. Affected areas named: BT, Everyday Banking, Private Wealth, Technology, Business Lending, Cash & Transactional Banking Operations, Finance and Enterprise Delivery, Business and Wealth, Consumer, Digital and Data Technology, and Consumer COO Technology. The FSU questioned "Westpac's assurances that their engagement with Catalyst was not a job-cutting exercise" and said it "is deeply concerned that there may be more announcements to come". No countries or vendors were named.”
“The FSU reports over 250 Westpac workers earmarked for redundancy since the start of October, following 102 cuts in the Risk, Institutional Banking and Finance teams about a fortnight earlier, and a further round of over 200 announced this week across numerous areas of the bank. National assistant secretary Nicole McPherson: "These stealthy job cuts at Westpac are the Christmas gift no one asked for... All banks need to look at the bigger picture and see their employees as more than just numbers on a balance sheet. They are people with families who support other people with families." No destination country or vendor was named for the work.”
“NAB "added more than 7000 staff at hubs in India and Vietnam before axing thousands of Australian employees doing the same work". Its full-time headcount grew from about 33,000 in 2022 to almost 42,000 in 2025, including the 7,000 recruited in India and Vietnam, where teams work in artificial intelligence, software engineering, risk, compliance and support services to bankers. "Many of the people doing those same jobs in Australia now face being made redundant." The India hub was established in 2022 under then chief executive Ross McEwan and moved quickly from third-party contractors to more than 5,000 permanent staff focused on IT, operations, technology, security and increasingly financial crime; about 2,000 were added in Vietnam over the same period, including software developers, analysts and digital designers. The proportion of NAB's workforce located overseas is expected to rise from about 18 per cent today to more than 20 per cent by year's end, second among the big four behind ANZ at 28 per cent. The FSU said NAB indicated 180 more jobs were being moved overseas as part of the restructure. FSU assistant national secretary Nicole McPherson: "Almost every major Australian bank has run some version of the same play: cut secure Australian roles, move the work to an offshore office or outsourcing partner, and describe it as modernisation", adding that moving positions overseas could put sensitive customer data at risk. A manager being made redundant said anonymously: "We do not know if any India or Vietnam roles are impacted, but the belief amongst the staff is it is highly unlikely, or minimal if so." Morgan Stanley analyst Richard Wiles said savings could reach $450 million. UBS analyst John Storey: "NAB has added around 9000 employees to its full-time workforce in the last few years but you certainly haven't seen a commensurate increase in terms of revenue and productivity so now it's cutting costs." NAB declined to comment; a spokeswoman said the hubs would help the bank tap a global skills base. The same article reports Westpac "chopping another 151 jobs related to its Catalyst simplification program on top of the 103 just two weeks ago".”
“NAB has 5000 workers in Gurugram and Bengaluru, India, and around 2000 in Hanoi and Ho Chi Minh City, Vietnam — 7000 total, ~18% of NAB's workforce. CEO Andrew Irvine visited the Indian operations over two days in March 2026 and a person inside the bank said NAB is open to hiring more than 1000 additional people across India and Vietnam. Added 100 staff in Vietnam in March and April 2026. CBA's India staff: 6788 as of June 30 (15% of total). ANZ: ~9000 in Bangalore and 2000 in Manila (28% of workforce). Westpac uses contractors Genpact and Concentrix. FSU national assistant secretary Nicole McPherson: "The notion that Australia lacks enough skilled workers, especially in technology and engineering, is laughable, given these are the exact types of jobs being targeted in sweeping job cuts." Bain Australia partner Nick Therkelsen: "The big tech companies are looking for top talent — and paying essentially American wages."”
“Directory of Australian companies outsourcing contact centre work, including Qantas. Calls to Qantas and Qantas Frequent Flyer are answered in Australia or New Zealand; emails and some back-office functions remain performed offshore through outsourcing partners.”
“Westpac Banking Corp confirmed plans to relocate nearly 200 Australian banking jobs to its Manila operations in 2025.”
“Telstra operates Global Capability Centers in Bengaluru, Pune, and Hyderabad for product engineering, AI, ML, IoT and 5G technology development.”
“Westpac confirmed plans to relocate nearly 200 Australian banking jobs to its Manila operations.”
“Westpac Banking Corp plans to reduce more than 1,500 roles as part of Unite strategy, focusing on streamlining operations and modernising technology.”
“Offshoring of 70 positions involved service providers Genpact, Tata Consulting Services, and Concentrix.”
Additional Sources
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This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Westpac Banking Corporation? Submit a correction. We welcome input from companies, employees, and researchers.