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WESTPAC has sent more jobs overseas in a bid to boost profit levels.

The Finance Sector Union today warned that another 119 IT jobs were axed at Westpac as the bank sought to reduce costs.

Most of the jobs are based in New South Wales, with fewer than 20 positions in Victoria lost.

"Some of these workers have been in these jobs for years,'' FSU national secretary Leon Carter said.

"The only reason they are losing their jobs is because our most profitable bank thinks it can now get the job done more cheaply offshore.''

Mr Carter said the banks were involved in a race to the bottom, putting profits ahead of loyalty to skilled and long-standing employees.

A Westpac spokesman said today staff working in the affected parts of the bank were told last week their jobs would go.

The decision to axe those roles, which supported IT development and systems maintenance, came after a review that started in November 2011.

Those affected would be offered retraining for redeployment into roles in other parts of the bank, if possible, or receive their full benefits and entitlements.

"We are committed to retaining our core highly skilled technology workforce in Australia,'' Westpac head of group media relations Paul Marriage said.

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Westpac sends more jobs offshore