Dozens of branches of major banks, including Westpac, Commonwealth Bank and NAB, are set to close
- At least 37 branches are to be axed with the loss of 182 jobs across the country
- Westpac to close 24 more branches, NAB to ax 8 and Commonwealth to close 5
- Bank bosses say it is a response to consumers switching to online banking
- Financial union chiefs warn it is leaving rural communities unbanked
By Kevin Airs for Daily Mail Australia
Published: 05:01, August 4, 2022 | Updated: 06:58, August 4, 2022
Dozens of bank branches will be closed in the coming months, after more than 550 branches were closed since 2020.
At least 37 offices will close across the country at the cost of nearly 200 jobs.
Westpac is making the biggest cuts, with 24 branches set to close across its Westpac, St George, Bank SA and Bank of Melbourne brands.
Meanwhile, the NAB is closing eight branches in three states and the Commonwealth Bank will close five branches.
Dozens of bank branches to close in the coming months, after more than 550 branches were closed since 2020
Westpac bosses insisted consumers switching to online banking had sealed the fate of many of its branches, with five million now banking digitally.
The sacrifice has prompted calls for Prime Minister Anthony Albanese to step in to secure banking services for Australians, particularly in remote communities.
“We need to act to prevent banks from moving away from our suburban and urban communities,” said Financial Sector Union National Secretary Julia Angrisano.
“Communities depend on banks to provide financial services, but if we don’t stop the current trend, there will be no branches left.”
JOINT BRANCHES TO CLOSE
The branches destined for the ax, with the loss of 182 jobs, are:
NSW: Lakemba Westpac, Engadine Westpac, Corrimal Westpac, Kingcliff Westpac, Five Dock St. George, Lavington NAB, Narrandera NAB, Corrimal NAB, Figtree NAB, Cronulla NAB, Maroubra NAB, Annandale CBA, Toongabbie CBA, Lindfield CBA.
QLD: Ashmore Westpac, Nerang Westpac, Rockhampton Westpac, Wynnum NAB
VIC: Braeside Westpac, Whittlesea Westpac, Werribee Westpac, Lilydale Westpac, Croydon Bank of Melb, Coburg Bank of Melbourne, Fitzroy Bank of Melbourne, Sunbury Bank of Melbourne, Footscray Bank of Melbourne, 114 William St, Melbourne Bank of Melbourne, Mornington Bank of Melbourne, North Melbourne NAB, Drysdale CBA, Woodend CBA
To: Munno Parra Bank SA, St Peters Bank SA
NT: Berrimah WestpacWA: Mandurah Westpac, South Perth Westpac
Westpac had previously announced the closure of a further 24 branches last month with the loss of 76 jobs.
“The branch closures mean Westpac will continue to put profits before people,” Angrisano added.
“The bank obviously doesn’t mind forcing inconvenience on customers and throwing affected staff into unemployment queues.
“This race to close branches must stop and it is time for the federal government to impose a minimum service standard on banks to ensure customers are protected.”
At least 37 offices will close across the country at the cost of nearly 200 jobs
Westpac bosses insisted consumers switching to online banking had sealed the fate of many of its branches, with five million now banking digitally.
“The decline in branch use by customers means that in some cases we may make the difficult decision to abandon a branch location,” a bank spokesperson told Daily Mail Australia.
“We take steps to ensure customers are notified of changes in advance and are directly connected to the services they need to continue banking.
“For those who are new to digital banking or may need more assistance with the changes, we offer special support and education to ease the transition.
“As we continue to adapt to the changing needs of our customers, this will lead to new opportunities for our Westpac Group employees as we grow our phone, digital and virtual offerings.
“We have a robust process in place to help employees find new opportunities within the Westpac Group, which means the majority of affected employees secure a new role and continue their careers within the group.”