For immediate release
Thursday 30 October 2008

Westpac profit up 6% - should mean good news for customers & staff

Bank workers’ union Finsec says that the Westpac New Zealand announcement that profits are up 6% is proof that banks can do well in this country without resorting to offshoring or cutting staff numbers, and that the banks should now make sure that benefits are passed on to their customers.

“Westpac’s increased profits show that our banks can keep good jobs in New Zealand and still offer a good return to shareholders, and they deserve recognition for that.” said Andrew Campbell, Finsec Campaigns Directors. “All our major banks are in a strong position despite the credit crisis, and their strength should mean job security for bank staff.”

“The Westpac profit announcement comes on the same day that significant numbers of ANZ retail staff are being advised of the outcome of voluntary redundancies,” said Andrew. “All our banks should be investing in local staff, rather than rushing to cut jobs.”

Campbell said that our banks’ profitability should also be passed on to customers in the form of interest rate cuts. “Westpac and other banks are in a good position to cut interest rates and offer some relief to their customers in these difficult times. We would like to see interest rates cuts come quickly, on the back of all these positive profit announcements.”

ENDS

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