Westpac Banking (ASX:WBC, NZE:WBC) has informed Australia's Finance Sector Union that it will cut 94 jobs as a result of the decommissioning of its Asgard investment platform, the Australian Financial Review reported Tuesday.

The bank has completed the migration of customers from Asgard to BT Panorama in a move that simplifies its structure to one in-house wealth management platform, according to the report.

BT Chief Executive Matt Rady reportedly said the company attempted to retain as many employees as possible through training and transfers to different divisions.

"The current changes relate to BT's head office and operational functions as we reset how we are structured following the Asgard migration, transitioning to an operating model designed for a single platform," Rady was quoted as saying.

Westpac did not immediately respond to a request for comment from MT Newswires.

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