Bank behaviour fuel to fire: FSU
(10 November 2010 – Australia) The Finance Sector Union (FSU) has claimed that confirmation of ANZ’s plans to send more Australian finance jobs offshore to the Philippines will pour petrol on the fire of community anger over the behaviour of the big banks.
A report in The Australian puts the number of jobs heading to Manila at 300, while the bank says the number of jobs impacted will be 50.
"It’s unfathomable that the Australian finance sector is bleeding jobs at a time when the sector is so profitable," said Acting Finance Sector Union National Secretary Wendy Streets.
"Between them, our big four banks have posted a combined profit of over A$21 billion. ANZ’s net profit this year was A$4.5 billion, and apparently that isn’t enough for the bank to save jobs and invest in Australian skills."
This decision highlights what is wrong with our banks. They act as though they have no responsibility to the community.
Driving higher profits at one end from consumers and shredding jobs at the other." said Ms Streets.
As part of the FSU’s Better Banking survey in April this year, members of the public overwhelmingly said they wanted a commitment from banks that they would stop off-shoring Australian finance jobs, and invest in Australian skills development instead. 90 percent of those surveyed supported this position.
A recent Essential Poll confirmed this view, with 83 percent of respondents supporting regulation to prevent banks from sending Australian jobs offshore.
"It’s time for the Federal Government to act on better banking. Bank workers want better banking, and consumers want better banking. It has to happen now, before more jobs are lost overseas." said Ms Streets.
"It’s not going to happen without Government regulation and we are calling on the Government and all of the parties in our Parliament to get fair dinkum, stop being commentators on banking, and regulate the behaviour of our banks," added Ms Streets.
"It’s unfathomable that the Australian finance sector is bleeding jobs at a time when the sector is so profitable," said Acting Finance Sector Union National Secretary Wendy Streets.
"Between them, our big four banks have posted a combined profit of over A$21 billion. ANZ’s net profit this year was A$4.5 billion, and apparently that isn’t enough for the bank to save jobs and invest in Australian skills."
This decision highlights what is wrong with our banks. They act as though they have no responsibility to the community.
Driving higher profits at one end from consumers and shredding jobs at the other." said Ms Streets.
As part of the FSU’s Better Banking survey in April this year, members of the public overwhelmingly said they wanted a commitment from banks that they would stop off-shoring Australian finance jobs, and invest in Australian skills development instead. 90 percent of those surveyed supported this position.
A recent Essential Poll confirmed this view, with 83 percent of respondents supporting regulation to prevent banks from sending Australian jobs offshore.
"It’s time for the Federal Government to act on better banking. Bank workers want better banking, and consumers want better banking. It has to happen now, before more jobs are lost overseas." said Ms Streets.
"It’s not going to happen without Government regulation and we are calling on the Government and all of the parties in our Parliament to get fair dinkum, stop being commentators on banking, and regulate the behaviour of our banks," added Ms Streets.
Subscribe