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ANZ – the stress bank – fails again

Thursday, November 22, 2001

For immediate release

ANZ – the stress bank – fails again

The ANZ’s management structures and policies and management support fared worst in a University of Auckland’s survey of staff satisfaction at four major banks – ANZ, BNZ, National Bank and WestpacTrust.

Finsec gave the university access to its members in the four banks. ASB management refused access.

ANZ employees were the least satisfied with management structure and policies. They also gave the bank the lowest score to the vision provided by the organisation and to opportunities for advancement.

“This doesn’t surprise us,” said Finsec’s Geraldine Molloy. “The results match the University of Auckland’s survey showing the low level of customer satisfaction with the ANZ. They are also consistent with Finsec’s experience of a bank which has been deeply reluctant to do anything to bring down stress levels among staff below top management level.”

Ms Molloy added that a recent Finsec/ANZ working party on stress was told that the bank refused to make allowances for system’s failure and error in its staffing calculations as it did not want to ‘insitutionalise error in the ANZ’s culture’.

“They may not want to institutionalise error, but they seem to have had no problem with institutionalising stupidity,” Ms Molloy said.

The survey was conducted by postgraduate student Mr Camryn Brown, of the University of Auckland Business School, Department of Marketing under the supervision of Mr Bodo Lang and Dr Mark Colgate.


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