25 October 2006
ANZ National should invest profit increase in its NZ operations
Finsec, the bank workers' union, is calling on ANZ National to invest more of its profit back in a quality New Zealand
banking network. The bank is set to announce its profit results tomorrow.
"This is an opportunity for ANZ National to prioritise its business in New Zealand, to meaningfully invest here and set
the benchmark for the New Zealand banking industry," said Andrew Campbell, Finsec Campaigns Director.
"The bank has the money to set a new direction for its New Zealand business; a direction that is not just about
siphoning profit back to Australia but instead about dramatically increasing the number of staff in its branches and
back offices, retaining and developing experienced staff and focus on lifting the diminished perception customers have
about the bank," said Campbell.
Australian analysts are suggesting that ANZ Australia has saved about $50 million in recruitment and advertising costs
by retaining quality experienced staff and reducing its staff turnover.
"Investing in more staff and experienced staff makes economic sense for the bank," said Campbell. "The bank makes money,
the customers get higher quality service and workers face less workplace stress."
"New Zealanders can have better banks, but to do so will require the banks to change their priorities and invest not
just in Australian owners, but also New Zealand customers and workers."
Putting Workers First
FIRST Union is New Zealand's second-largest private sector trade union.
Formed in 2011 after the merger between the National Distribution Union and Finsec, FIRST Union represents 27,000
workers in the Finance, Industrial (Textile and Wood), Retail, Stores, Transport and Logistics sectors.
FIRST Union is also affiliated to the New Zealand Council of Trade Unions and runs several networks including the Union
Network of Migrants, the Runanga, Fono and Womens' Committee. In 2015 FIRST Union launched Samoa First Union, Samoa's
only private sector union.
Join FIRST Union today for higher pay, better conditions and more say at work.