Westpac job cuts have reached 253 since the start of October, according to the Finance Sector Union (FSU).

The latest round came on Tuesday, the same day National Australia Bank (NAB) announced its own job cuts.

The new cuts affect staff in many parts of the bank. Two weeks earlier, 102 jobs went in its risk, institutional banking and finance teams.

Staff had been told that Westpac’s work with Catalyst would not cost jobs.

Workers fear banks are cutting staff before Christmas so they can use more AI.

By the union’s count, more than 10,000 bank jobs have gone in two years. Those who remain are already taking on extra work.

Banks have pointed to economic conditions to explain the cuts. The FSU believes the main reason is the potential for AI to automate work, and that weak rules on AI are making workers feel less secure.

FSU National Assistant Secretary Nicole McPherson said the timing, so close to the holidays, was unwelcome.

She also fears Westpac has more cuts planned. She urged banks to think about workers and their families, and said machines cannot fully replace what staff bring.

McPherson appeared before the Select Committee on Adopting AI on Thursday. She answered questions and called for stronger oversight of AI in the finance sector.

The FSU is meeting staff at Westpac and NAB to decide what to do next. Its aim is to keep banking jobs in Australia and prevent them from being moved overseas or cut altogether.

Featured image: Edited by Fintech News Australia, based on image by hryshchyshen via Magnific.