Bank workers call on new Westpac CEO to reinstill confidence
Finsec, the finance sector union, is calling on new Westpac Chief Executive Office Brad Cooper to reinstill workers and customers confidence in the bank. Westpac announced today current CEO Ann Sherry will be stepping down from the role early next year.
“The change in CEO presents a further opportunity to turn around Westpac’s culture and performance,” said Andrew Campbell, Finsec Campaigns Director.
“We believe the key to Westpac’s success will be to change its current business model and make a greater investment in its New Zealand operation,” said Campbell.
“Westpac has the lowest customer satisfaction ratings out of the major banks and its workers have some of the lowest pay rates. We hope that Brad Cooper will prioritise fixing both of these problems,” said Campbell.
“Westpac’s cost to income ratio is the lowest in the industry and as a result its performance has lagged behind the other banks. We hope the new CEO will review this cost reduction approach and make greater investment in the business to grow its profit,” said Campbell.
“We look forward to meeting the new CEO and are willing to positively discuss these issues with him,” said Campbell.
Westpac workers took industrial action late last year over their pay system which linked sales of bank products such as credit cards to pay increases.