Monday, November 05, 2001
For immediate release
WestpacTrust has nothing to brag about
“Over the last three years WestpacTrust has cut 1,347 full time jobs and their annual report records that this saved
them $7 million last year,” said Don Farr, General Secretary of Finsec, the union for bank workers.
The bank’s annual report boasts of increasing business and of cutting costs. This will not be news to staff who are left
to face an increased workload.
“Our members place stress at work as their major concern, and much of it comes from the push to achieve financial
targets and deal with queues that reach out of the door, with too few staff to do the job.
“In Auckland our members told WestpacTrust “Our numbers have decreased, our workloads have increased, and we are
constantly under stress”.
The cost cutting that the bank brags about means that it now only costs the ANZ 46 cents to bring in $1 – a cost to
income ration of 46%.
“Banks are competing to out-do each other on lowering costs and 46% is an Australasian record for a bank with a retail
network.
“Our members think that it’s nothing to brag about,” Mr Farr concluded.
Ends