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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

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