(Reuters) -Westpac Banking Corp ( WEBNF ) is planning to cut more than 1,500 jobs to meet its cost-reduction targets and simplify operations, the Australian Financial Review reported on Tuesday.

Westpac's job cuts are part of its 2023 UNITE programme, which aims to streamline technology systems by reducing core platforms, modernizing infrastructure, and lowering long-term operational and maintenance costs, according to an AFR report.

Westpac employed 35,240 people globally, as of September 30, 2024, according to its 2024 annual report.

The company, in an emailed response to Reuters, said it regularly adjusts its workforce based on shifting investment priorities, but did not confirm the number of jobs being cut.

"While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources," Westpac said.

The Finance Sector Union (FSU) expressed concerns on Wednesday over these reports, adding that it has reached out to Westpac for an explanation while calling for any job cut plans to be shelved and immediate talks to be held.

"Our members have worked hard to turn massive profits for Westpac over the years, they deserve to be rewarded and not have their jobs brutally cut for the sake of cost-savings and even bigger profits," the union said.