Bankwest has confirmed it will slash 400 jobs, in an effort to keep the company afloat during the downturn.
The subsidiary of Commonwealth Bank is set to cut 250 jobs in Western Australia, and the rest on the east coast.
The decision comes after four years of rapid expansion that has seen Perth-based Bankwest increase its workforce from 3340 to 5100.
According to Bankwest managing director Jon Sutton, job loss is unavoidable in the current climate.
“The deteriorating national and Western Australian economies and a high cost base mean Bankwest has no choice but to cut costs to remain competitive,” he said in a statement today.
Prior to the announcement, Commonwealth Bank chief executive Ralph Norris promised the Government in October of 2008 that no jobs would be cut in the state, as a result of the Commonwealth Bank’s acquisition of Bankwest.
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