Westpac Banking Corp. is planning to eliminate more than 1,500 jobs in the bank’s biggest redundancy in a decade as it strives to meet ambitious cost reduction targets, Financial Review reported, citing unidentified people.

The overhaul involves transforming the business by simplifying its processes and technology under a plan known as Unite. It comes after the appointment of Anthony Miller as Chief Executive Officer in December who has already made significant changes to the executive team, the report said.

Miller has asked managers to consider how they will reduce the number of employees by 5% across most teams within the next few months, the report said, citing two people not authorized to discuss the briefings publicly.

Based on Westpac’s last publicly available full-time head count, a 5% reduction in the number of employees would mean 1,700 staff will leave. That is on top of around 900 full-time roles cut in the last financial year, the report said.

Westpac shares have fallen more than 5.8% since the bank reported results earlier this month. The bank has been pushing into lower margin business-lending which has impacted earnings, the report said.