A gang of armed men wearing balaclavas have held up a bank at Double Bay this afternoon.
Using sledgehammers the four men smashed their way into the Westpac bank on New South Head Road at 5.30 pm, they threatened staff before fleeing with cash.
Police were called to the bank after bandits broke through the closed front glass doors of the building and threatened staff still inside.
Staff were forced to hand over an undisclosed amount of cash before the men left the bank and drove away in a black Porsche four-wheel drive.
Police said the vehicle was last seen travelling west on New South Head Road. It had no front registration plate and a black and white NSW plate on the rear.
No-one was injured in the robbery.
Police have established a crime scene at the bank and are interviewing staff.
Anyone who sees the Porsche is asked not to approach but to call triple-0.
Anyone who has information on the robbery is urged to contact Crime Stoppers on 1800 333 000.