Investing.com-- Westpac Banking Corp (ASX: WBC ) is preparing to cut more than 1,500 jobs in its largest round of redundancies in a decade, the Australian Financial Review reported on Tuesday, citing people familiar with the matter.

The cuts are part of new CEO Anthony Miller’s cost-reduction strategy under a plan called “Unite,” which aims to streamline operations and modernize technology, the AFR report said.

Managers have reportedly been asked to plan for a 5% reduction in headcount across most teams, though final numbers are not confirmed, AFR reported.

People briefed on the redundancy discussions told AFR that Miller will spare staff working on Unite, a key program focused on reducing long-term costs through more agile technology.

Westpac reported a 5% rise in staff costs in its latest half-year results and is under pressure to lower its cost-to-income ratio, which remains the highest among Australia’s major banks. The bank has already cut around 900 roles over the past year, according to the report.

Despite the job cuts, Miller also plans to hire 180 more home finance managers, as rivals like Commonwealth Bank Of Australia (ASX: CBA ) and National Australia Bank Ltd (ASX: NAB ) boost in-house lending channels.

Westpac shares were largely ucchaged in early trading on Wednesday.