Westpac Banking (ASX:WBC, NZE:WBC) is pursuing an overhaul of its risk, institutional banking and finance staff that will impact 174 positions, Australia's Finance Sector Union said Oct. 9.

The restructuring will create 102 redundancies and will see an additional 72 roles shift to other positions, the union said as it expressed concern over the plan.

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

The bank's Australian and New Zealand shares both gained over 1% in recent Monday trade.