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ANZ National profits from shipping jobs to India

For immediate release
Wednesday, 16 July 2008

ANZ National bank profits from shipping nearly 250 jobs to India

Finance workers union Finsec is saying ANZ National bank is being a bad corporate citizen that is harming our economy following announcements yesterday of proposals to cut nearly 250 jobs in its major processing centres in Auckland and Wellington. The announcements confirm the plans made public earlier in the year of sending bank jobs to India.

“ANZ National can easily afford to employ a New Zealand workforce. We believe the bank is placing the greedy goal of its owner ANZ Australia of doubling profits within 5 yeas above the interests of workers and our economy,” said Finsec Campaigns Director Andrew Campbell.

“The public should expect more from our major companies. It is bad corporate citizenry to profit off New Zealanders and repay us by sending good jobs to India where they can be done 75% cheaper. That is simply wrong,” said Campbell.

“The timing of this announcement couldn’t be worse. Foreign owned companies like ANZ National bank should be using their huge billion dollar plus profits to help the country through the recession. This decision can make it even worse as it can suck wages out of the economy and send higher profits offshore,” said Campbell.

“Affected staff have sought commitments from the bank that have so far fallen on deaf ears. At the time of the original announcements the bank made a variety of public statements that they have since refused to back up” said Campbell.

“Bank workers have sought simple commitments such as job security in a new role for a minimum of three years, maintaining existing staffing numbers across the bank, guaranteeing no further offshoring for three years and allowing customers to have a say in the consultation process. The bank has either said no or not responded to these issues,” said Campbell.

“The bank’s failure to commit to these pledges exposes their words as ‘spin’ and can only damage their public reputation further. This short sighted move may be doing them more harm than good” said Campbell.


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