Big banks chop 200 branches in cost-cutting drive

Original article by Cliona O’Dowd
The Australian – Page: 21 : 24-Oct-19

Data from the Australian Prudential Regulation Authority shows that the nation’s four major banks closed 207 branches during 2018-19, and 750 since 2014. Westpac has closed 333 branches in the last five years, including those of its subsidiaries, ahead of ANZ Bank with 190. A Westpac spokesman has defended the closures, noting that less than two per cent of banking transactions are now undertaken in its branches. More than 1,000 ATMs nationwide have also been scrapped in the last year.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ST GEORGE BANK LIMITED, BANK OF MELBOURNE LIMITED, BANK OF SOUTH AUSTRALIA LIMITED, FINANCE SECTOR UNION

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s