Westpac is preparing to cull more than 1,500 employees in the major bank’s biggest redundancy round in a decade. New boss Anthony Miller took on the top job in December and is now working to overhaul the bank and simplify processes to cut costs.

Miller reportedly has asked managers to consider how they would reduce employee numbers by 5 per cent across most teams within the next few months, sources told The Australian Financial Review. It follows disappointing first-half results earlier this month, with Westpac posting a 1 per cent dip in its cash profit to $3.3 billion.

A Westpac spokesperson said the number of staff cuts had not been decided but confirmed some redundancies were being considered. Based on Westpac’s current full-time head count of 35,240, a 5 per cent cut could mean 1,700 staff could potentially go.

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“We adjust the composition of our workforce according to our investment priorities,” a Westpac spokesperson said.

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

“This means, from time to time, we make changes that may impact some roles and responsibilities.

“As the skills and capabilities required in banking continue to evolve, so will our workforce. We try to keep as many employees as we can, through retraining and redeployment.”

It comes after Miller told investors he wanted to hire 180 more home finance managers and more business bankers.

Sources told the AFR that staff working on the Unite program would not be impacted.

This is a program aimed at dramatically reducing the number of products the bank offers by simplifying processes and consolidating technology.

The cuts would be on top of the 900 full-time positions that were cut in the previous financial year.

Commonwealth Bank cuts more than 100 jobs

Commonwealth Bank has also been reducing staff numbers.

The country’s biggest bank informed staff this week it would cut 163 jobs, including 58 at its subsidiary Bankwest.

Of the 105 Commonwealth Bank jobs impacted, 90 are located in New South Wales, and the remaining are in Victoria, Tasmania, WA and Queensland.

It comes after the bank announced cash profits rose 6 per cent to $2.6 billion in the March quarter.

A Commonwealth Bank spokesperson said the bank regularly reviewed how it was organised to “deliver the best experiences and outcomes” for its customers.