BNZ parent: golden handshakes and huge job losses

Monday, 5 November 2001, 11:51 am
Press Release: Finsec

Monday, November 05, 2001

For immediate release

BNZ’s parent bank, The National Australia Bank, has announced an international restructuring which according to analysts will cost 5000 jobs in Australia, New Zealand and the UK.

“The job loss will be to pay for the muddled and directionless planning of the NAB over recent years,” said Don Farr, general secretary of Finsec, the union for bank workers.

“CEOs who are responsible for bad decisions retire on a golden handshake that would blow your mind, whilst another 5,000 workers lose their jobs to recoup the loss,” said Mr Farr. He was referring to the NAB’s failed move into American banking and the American business Homeside Ltd.

“The worst part of that is that cutting jobs in an outfit that is already pared down to unsafe staffing levels can only lead to a drop in income.

“In banking, it is the workers who create the wealth. It is a simple theory, but true all over the world, that customers forced to play ‘hunt the teller’ eventually go elsewhere.”

Ends

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