Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ) are gearing up to outsource 250 jobs to Asia, according to The Australian.
The report says that Westpac has told 100 employees their jobs will go to India, while ANZ has informed 150 of its employees their jobs will likely go to the Philippines.
A Westpac spokesman has been quoted as saying the bank will aim to find alternative roles for its Australian employees. ANZ has been unavailable for comment.
Both Westpac and ANZ have previously announced that they are gearing up to expand their presence in Asia.
ANZ is targeting up to 30 per cent earnings growth in Asia, Europe and the Americas by 2017.
In the six months to 31 March 2011 Westpac reported an interim net profit of $3.9 billion.
