Westpac Banking to cut more than 150 jobs as bank exits China, India

Westpac will consolidate its overseas operations into three hubs -- Singapore, London and New York -- and institutional banking services will also be streamlined, Westpac said

Westpac Banking Corp. is cutting more than 150 jobs as Australia’s second-largest lender consolidates its international operations, according to people familiar with the matter.

The cuts will impact employees in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta where the Sydney-based bank is exiting its operations. Most staff are locally employed and the process will take one to two years, one of the people said, speaking on the condition of anonymity as the layoffs haven’t been made public.

Westpac will consolidate its overseas operations into three hubs -- Singapore, London and New York -- and institutional banking services will also be streamlined, Westpac