FSU hits out at Westpac cuts
(18 October 2010 – Australia) The Finance Sector Union (FSU) has hit out at Westpac over its decision to cut one-third of its wholly owned subsidiary Asgard’s workforce.
The FSU said that the decision to cut the 120 positions from the Perth based funds manager indicated that the banks were looking for ways to cut their bottom lines at the expense of workers and the Western Australian community.
Leon Carter, National Secretary of the Finance Sector Union, said the banks’ decision to offshore was unacceptable and reflected a view that maximising profits was all Westpac was interested in.
This decision, dressed up in the language of a strategic review by Westpac, is all about cutting jobs in Perth and sending some of the work overseas and some to Sydney for no other reason than to boost profit and this is at a time when Westpac is experiencing record profitability and hinting that it will lift home loan interest rates above RBA movements, Mr Carter fumed.
Mr Carter added that banks have a responsibility to ensure that staff and customers are not always being put second to the interests of higher profit and higher executive remuneration.
The workers at Asgard in Perth have been loyal and productive employees contributing to these record profits, Mr Carter highlighted.
Leon Carter, National Secretary of the Finance Sector Union, said the banks’ decision to offshore was unacceptable and reflected a view that maximising profits was all Westpac was interested in.
This decision, dressed up in the language of a strategic review by Westpac, is all about cutting jobs in Perth and sending some of the work overseas and some to Sydney for no other reason than to boost profit and this is at a time when Westpac is experiencing record profitability and hinting that it will lift home loan interest rates above RBA movements, Mr Carter fumed.
Mr Carter added that banks have a responsibility to ensure that staff and customers are not always being put second to the interests of higher profit and higher executive remuneration.
The workers at Asgard in Perth have been loyal and productive employees contributing to these record profits, Mr Carter highlighted.
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