Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Surge in ANZ profits prompts call for better work conditions

May 1, 2014

Huge surge in ANZ profits prompts calls for better working conditions

A huge surge in profits at New Zealand's biggest bank has prompted calls for a decent wage increase and less stressful working conditions for the staff who helped generate this revenue.

Statutory profit at ANZ’s New Zealand operations rose 31 percent to $853 million in the first six months to 31 March 2014.

“This week has seen increased debate over inequality around CEO salaries. Not only are banks repatriating big profits back to Sydney and Melbourne they, more than many companies, have massive disparity between worker and CEO pay,” said Robert Reid, General Secretary, FIRST Union.

"Bank profits are at record levels, but the untold story behind those profits is an intensification of pressure and stress on bank workers through aggressive sales targets."

“ANZ New Zealand CEO David Hisco’s remuneration is over $4 million. While the shareholders and those at the top of the bank are doing well, workers at ANZ continue to report unrealistic targets and work stress to their union.”

"In a couple of months ANZ and FIRST Union are meeting for employment negotiations. Workers at the bank are absolutely committed to improve the stressful conditions many of them work under, " Robert Reid said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news