Westpac yesterday confirmed a statement issued by the Finance Sector Union that the bank plans to cut another 126 jobs.The bank will move 119 technology jobs offshore and cut seven jobs in its collections area. These cuts are on top of 560 redundancies announced in February and 188 in November.Finance Sector Union national secretary Leon Carter said: "The only reason they are losing their jobs is because our most profitable bank thinks it can get the job done more cheaply offshore." A Westpac spokesperson said in a statement: "The financial services industry is undergoing significant structural change as banks strive to become stronger by being more efficient and competitive in serving customers' needs. "A key element of that change involves the work banks do and the composition of our workforces."