The Westpac Banking Corp (ASX: WBC) share price fell today amid news the company plans to cut jobs within its marketing department.
At the close, Westpac shares were swapping hands at $22.83, down 1.3%. For perspective, the S&P/ASX 200 Index (ASX: XJO) finished up 0.1%.
Let's take a look at what is happening at this major ASX bank share.
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Job cuts at Westpac
Westpac is planning to cut 20% of roles in the company's marketing department, The Australian reported.
Ninety jobs will reportedly be impacted, with 65 directly cut and 25 phased out gradually via natural attrition.
Earlier this month, Westpac announced a corporate shake-up of its structure and executive. This is a key part of a wider Westpac plan announced in 2021 to reduce the bank's cost base to $8 billion by 2024.
Chief brand and marketing officer Annabel Fribence, who joined Westpac in November, told The Australian:
We are consulting with our people on these changes and will support affected employees throughout this process, including with redeployment opportunities.
The marketing department cuts are designed to lessen costs, while it will also reduce doubling up between Westpac and its regional brands.
Morgans recently rated the Westpac share price as a "buy". As my Foolish colleague James reported, the analyst believes the Westpac shares are cheap at the current level, with the potential to provide a generous yield for investors.
Morgans is forecasting Westpac will return a fully franked dividend of $1.19 per share in FY22, with this increasing to $1.60 in FY23
Westpac share price snapshot
The Westpac share price has surged 10% in the past month, but it has descended almost 3% in the past week.
In the last 52 weeks, it has fallen 6%, while it is up almost 7% year to date. In contrast, the S&P/ASX 200 Index (ASX: XJO) has climbed 2.3% over the past 12 months.
Westpac has a market capitalisation of about $80 billion.
