Westpac Banking Corporation

Financial Context

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?

Financial data: FY2024. Estimate uses avg AU cost of $110,000+/yr (salary only, excluding super, office, recruitment) 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.
• 1,822 Australian jobs have been cut, with all 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

• February 2024Westpac cut 132 jobs — 70 offshored to India and Philippines via Genpact (Westpac Institutional Bank, payment services), TCS (corporate lending), and Concentrix (consumer finance, mortgage sales). FSU: 'Westpac's strategy of continually outsourcing jobs sends the message that staff need to toe the line, or their jobs could be off-shored.' Westpac declined to disclose total contractor numbers in India/Philippines. [Australian Financial Review]
• 2023Westpac led the big four banks in job cuts with 1,080+ redundancies. The big four collectively cut over 2,000 jobs. Westpac cut 4,000 FTE positions over two years according to its 2023 annual report. [Australian Financial Review]
• 2025Westpac confirmed plans to relocate nearly 200 Australian banking jobs to its Manila operations. [Yahoo Finance]
• May 2025Westpac announced over 1,500 job cuts as part of its "Unite" strategy, focusing on streamlining operations and modernising technology. [Business Standard]
• 2025Westpac uses outsourcing partners Genpact, Tata Consultancy Services (TCS), and Concentrix for offshored operations 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.