Bankwest To Shut 29 Branches, Slash 200 Jobs
Commonwealth Bank subsidiary, Bankwest, has announced its closing 29 branches and slashing 200 jobs, citing increased mobile banking and changing consumer behaviour.
29 East Coast branches are scheduled to shut in a three week window, starting August 17th. Bankwest claims it will endeavour to find new roles for the 200 affected staff within Commonwealth Bank.
Closures bring the bank’s physical footprint to 14 East Coast branches, complementing 82 outlets and three business centres in WA.
Bankwest management attributes growing digitisation in the financial industry for the axing.
The bank claims customers choosing mobile banking in lieu of in-person branch visits has rapidly accelerated in the last three years.
Admitting it can’t match the physical footprint of larger banks, Bankwest is reportedly pursuing a major overhaul of operations.
The bank affirms it will seek to prioritise digitisation and broker relationships over physical presence.