WestpacTrust has nothing to brag about

Monday, 5 November 2001, 11:50 am
Press Release: Finsec

Monday, November 05, 2001

For immediate release

“Over the last three years WestpacTrust has cut 1,347 full time jobs and their annual report records that this saved them $7 million last year,” said Don Farr, General Secretary of Finsec, the union for bank workers.

The bank’s annual report boasts of increasing business and of cutting costs. This will not be news to staff who are left to face an increased workload.

“Our members place stress at work as their major concern, and much of it comes from the push to achieve financial targets and deal with queues that reach out of the door, with too few staff to do the job.

“In Auckland our members told WestpacTrust “Our numbers have decreased, our workloads have increased, and we are constantly under stress”.

The cost cutting that the bank brags about means that it now only costs the ANZ 46 cents to bring in $1 – a cost to income ration of 46%.

“Banks are competing to out-do each other on lowering costs and 46% is an Australasian record for a bank with a retail network.

“Our members think that it’s nothing to brag about,” Mr Farr concluded.

Ends

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