Bank customers face shut doors and long queues amid massive lender job cuts

NAB is reportedly looking to shed 2500 jobs. Picture: John Gass

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OPINION

Those sneaky banks are at it again.

Laying off hundreds of staff members, soon after reporting the usual run of profits.

Right out of the big four playbook. Man, those shareholders will be pleased!

Westpac ($7.1 billion expected 2026 profit) recently became the latest major lender to pull the trigger, with a pre-Christmas staff clearance to the tune of 250 jobs, in a bid to “actively manage costs and investment.”

That followed the NAB ($9.1 billion expected profit) announcement that it would shed 2500 staff by mid-2027, to “simplify its operating model”.

Meanwhile, both ANZ ($7.5 billion expected profit) and CBA ($10.9 billion reported profit) have been in the news for significant cuts over the past two years.

Of course, customers don’t think too much about human resources in the banking sector, until we actually need them for something.

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Perhaps you call them to ask why a mysterious fee has been subtracted from your account, only to spend hours on hold. Or maybe you pay a rare visit to the local branch for something you’ve been told can only be done in person, just to discover a dodgy tobacconist where the branch used to be.

Westpac was the latest to announce job cuts last week. Picture: John Gass

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Hey, maybe a relative has passed away and you’re worried they’re still being charged interest, but there’s no way to verify unless you can provide the authentication code sent to their phone, which is now switched off in an E-waste bin at a recycling centre.

If only a few more people worked at the bank … a place charging you the purchase price of your home all over again in interest, plus a tip, to be a customer.

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Last week, I needed to pay my own money to a builder doing a job for me.

The builder’s invoice was greater than the $25,000 the bank would allow me to access of my own money at any one time.

The only way to pay, I was told, was to pop in to a branch and do the transfer in person. How simple!

The invoice had a five day payment term.

The internet told me there were two branches of my bank within walking distance from my office. Both were open until 4.30pm.

Great, I walked out at 4pm and arrived at the first one at 4.15pm.

Two staff members were blocking the doorway, speaking in a different language.

After ignoring me standing there for 30 seconds or so, they went inside and began closing the security door.

“Closed?” I called out.

One of them looked around with great disdain and gave the world’s shallowest nod to confirm.

“But you’re open until 4.30”, I called back. She ignored me, locked the door and walked away.

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I hotfooted it to the other branch and arrived at 4.25pm. Already closed.

The next day, working from home, I went at lunch time to my local shopping centre branch.

Arriving, I was happy to see only two people in the queue ahead of me, waiting to speak to the “concierge”.

This comfort gave way to suspicion when I saw multiple signs displayed indicating “zero tolerance” for any aggressive behaviour towards staff.

Big four banks have been reporting hefty profits in recent years. Picture: John Gass

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Uh-oh, they don’t have signs like that at places with good customer service.

I explained to the concierge I needed to make a significant payment.

She said this would be fine, but as they were short staffed, it would be a 45 minute wait.

“But, I don’t have that long. Paying someone money from my account should be simple? I have the invoice with me. And my ID. Maybe even you could do it for me, it would only take a minute or two?”

Computer says no. They’re short staffed.

The next day I was back in the city.

I made sure to get to the branch by 3pm. Finally someone was able to help, though I had to ring the builder to confirm their account details in the presence of the bank teller, to protect against scams.

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Of course the builder didn’t answer the first time I called. Or the second.

The teller began to shrug his shoulders apologetically.

“Oh no”, I said, “this is the fourth time I’ve come to the bank in three days. This needs to happen today before you close.”

Finally, on a Hail Mary fifth phone call, the builder answered and we could confirm the account and process the payment.

While this was going on, I noticed bank staff pulling the shutters across at 4pm.

I realised these guys shut early because they don’t have the time required to help any more customers.

I walked out of there at 4.45pm, after the bank had closed and after nearly two hours needed to complete a single transaction.

This is the modern banking experience.

So how are staff being made redundant when there’s a glaring shortage of customer service roles?

Sigh, if only banks could afford to keep them on.