BankWest has blamed the rapidly deteriorating economy for its decision to slash 400 staff from its workforce.
Speaking of today's decision which will see 250 west coast and 150 east coast roles being made redundant, BankWest managing director, Jon Sutton, said that although last year he believed there would be no job losses in 2009, the slumping state of the economy forced the bank to "make adjustments if it was to remain an efficient and viable business".
"The deteriorating national and Western Australian economies and a high cost base mean BankWest has no choice but to cut costs to remain competitive," he said.
Sutton went on to say that by lowering its costs, the bank would be able to deliver competitive loans and products to its customers.
He added that no retail customer facing roles would be lost in stores and Customer Help Centres, nor would any stores close. He also confirmed that BankWest would continue to be run as an independent bank headquartered in Perth.
"I regret the impact on Bankwest staff but those affected will receive severance payments and outplacement support to assist them to find other employment," he said.
"Decisions of this sort are never easy and are only taken after full investigations of all options available."
The Finance Sector Union accused owner, the CBA, of going back on its promise that it would not cut BankWest jobs in WA when it bought its smaller rival at the end of 2008.