Westpac profit falls 1 per cent as bank cuts about 250 jobs
Westpac's net profit dropped to $6.8 billion in fiscal 2026, down 1 per cent, after cutting about 250 jobs through redundancies.
Westpac posted its first annual profit decline. Net profit fell 1 per cent to $6.8 billion.
The bank is pushing ahead with cost-cutting and job losses. The second-largest Australian bank shed about 250 staff through voluntary and unplanned redundancies.
Chief executive Anthony Miller said the result was solid given economic uncertainty. He pointed to strong growth in customer deposits and lending, both up about 5-6 per cent.
Westpac is mid-way through a multi-year transformation to simplify core systems. It is cutting costs and expanding artificial intelligence.
The bank declared a final dividend of 77 cents, bringing the total annual payout to shareholders to $1.54.
- 1 per cent
- Net profit decline
- $6.8 billion
- Fiscal 2026 net profit
- About 250
- Jobs cut
- $100 billion
- Housing lending target by 2030
Why it mattersWhen Australia's major banks report falling profits and job cuts, it signals economic pressures rippling through the financial system and employment.
AustraliaWestpac job cuts affect hundreds of workers, and lower bank profits can flow into higher borrowing costs and lower savings rates for Australian customers.
✓ Claims checked against the source. checked 1 d ago
