Billion dollar bank has no justification to wind down brand

Media Release: FIRST Union
Thursday November 4, 2011

Billion dollar bank has no justification to wind down National brand

The announcement by ANZ National that their net profit has jumped by 25 per cent to $1.08 billion should cause the bank to reconsider their plans to wind down the National Bank side of the business, says the union representing bank workers.

FIRST Union General Secretary Robert Reid said that the bank had not only shared too little of their profits with staff, whose 3% pay rise this year falls short of cost of living increases, but also have plans to next year phase out the National Bank brand.

“Today’s profit announcement will cause the bank’s staff and customers to ask even more questions about their plans for the National Bank,” Robert Reid said.

“There’s clearly no financial imperative for ANZ National to rationalise its business. The bank have been very slow to guarantee to staff that jobs won’t be lost as a result of the demise of the National Bank.”

“With billion dollar profits our biggest bank should be investing in its staff and in its retail network, not trying to cut costs in a greedy grab for more.”

Ends.

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