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FSU finds trust lacking

FSU finds trust lacking

(27 May 2008 – Australia) The Financial Services Union has found that Australian individuals are sceptical of mergers in Australian banking. The FSU released the results of an online public opinion poll that surveyed 1000 Australians about the proposed merger. The release follows the proposed merger between Westpac and St George banks.

Despite the constant assurances by the executive group of both these banks that no branches or ATMs would be lost as a result of the merger, public opinion and that of the FSU appears to differ.

The poll found that 80 percent of people did not trust promises made by the banks that there would be no branch closures or job losses following from mergers like the one between Westpac and St George.

Leon Carter, FSU National Secretary, said that the FSU was fighting generally to stop mergers between Australian banks in order to reduce job losses.

He highlighted that the merger agreement identified large-scale job losses in head office, support and back office areas.

The poll also found that 75 percent of people believed that mergers like these would mean that there is less competition in the Australian banking sector.

Also, it revealed 69 percent of people believed that mergers like these would mean there is less pressure on banks to reduce fees and charges.

Finally, it revealed that 55 percent of people believed that if the Government was to keep it’s election promises to reduce bank fees and make changing banks easier for Australians, the Federal Treasurer must stop mergers like these.
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