Westpac shows Asgard staff the door

Westpac plans to axe 120 jobs at its asset management subsidiary, Asgard, in Perth, and relocate the work to Sydney and India, the Financial Sector Union said yesterday.

The cuts represent one-third of the workforce in Asgard's Perth office.

Asgard said 30 to 40 positions would go to India under an existing arrangement with an outsourcing company, but employees will be offered a chance to take different jobs within Perth or other interstate positions, the Sydney Morning Herald reported.