Strike action possible after ANZ job cuts

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"The rescission"

thewall.com.au | 7:01 am Feb 13, 2012
- "ANZ Company cuts 1000 jobs permanent jobs in Australia"
- "ANZ said the cuts would be from middle management"
- "The Workers will be given 12 weeks as notice of termination"

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Strike action possible after ANZ job cuts

thewall.com.au | 3:40 am Feb 13, 2012

Over 10,000 jobs could disappear from the banking sector in as little as two years as the big four continue to axe positions while they lift interest rates independently of the Reserve Bank.
The Finance Sector Union (FSU) on Monday warned of widespread industrial action after ANZ Banking Group said it would cut a total of 1,000 jobs from its 24,000-strong Australian workforce by September.
ANZ's announcement came shortly before Bendigo and Adelaide Bank, Commonwealth Bank and National Australia Bank hiked their standard variable interest rates (SVR) for home borrowers by 15, 10 and nine basis points respectively.
All the banks blaming higher funding costs for their increases.
ANZ told staff that 492 jobs would go in the latest round of cuts, which it kicked off in January when it axed 133 positions.
The bank's move also follows Westpac's recent announcement that 560 employees would go, with the FSU faring the Sydney-based lender's cuts could hit 1,000.
The sector has already lost 2,000 jobs in 2012, FSU national secretary Leon Carter told reporters after being briefed on the job cuts by ANZ management.
"If this pace continues, we stand to lose 10,000 jobs over the next 18 months," he said.
"From an industry which (combined) made $24 billion in profit last year, this is the challenge - to not accept that jobs can just disappear from these companies.
"At the end of the day all they care about is making more money. We need much more action from the federal and state governments to get involved in this industry."
Mr Carter's comments are in contrast to an ANZ statement last Wednesday, in which it said "every effort" would be made to use natural attrition as well as staff redeployment.
ANZ also pledged to keep its senior executive pay packets fixed for the year.
Most of the job cuts will affect back-office, processing and middle management workers, predominantly at ANZ's headquarters in Melbourne's Docklands.
ANZ and Westpac on Friday raised their SVRs on mortgages by six and 10 basis points respectively, with Westpac saying its cost of term deposits had risen by 30 basis points.
Commonwealth Bank on Monday added a sweetener for depositors committing money for six months, lifting the interest rate it will pay by 20 basis points.
Mr Carter said the union was considering all industrial options, including staging strikes in the banking sector.
"The FSU will be looking at any action available," he said.
The FSU is calling on the federal and state governments to step in and create an industry plan and jobs summit to protect bank workers.
"If the Australian government and the Australian taxpayer is going to stand by our industry, then it should be conditional on not a single job being sent overseas ... (and) no job is lost," Mr Carter said.
Mr Carter said while ANZ will cut 1,000 jobs from its Australian operations by September, several hundred more are likely to be shifted to Bangalore in India or the Philippines' capital Manila.
He said none of the roles will be lost by natural attrition and Victoria will take the brunt of the job cuts.
The FSU understands that ANZ's decision is limited to making job cuts in its Australian operations, although a small number of cuts will be made its Fiji business.
No jobs will be lost in New Zealand.

Commonwealth Bank joins rate lifters club

abc.net.au | 5:58 am Feb 13, 2012

The Commonwealth Bank has announced it will lift its interest rate by 0.10 per cent following the Reserve Bank's decision to leave the official cash rate unchanged last week. The increase, which will come into effect on February 20, takes the bank's…
ANZ cuts 1000 jobs permanent jobs in Australia

heraldsun.com.au | 6:46 am Feb 13, 2012

ABOUT 10,000 banking jobs may be axed in the next 18 months as the big banks hike up lending rates in defiance of the Reserve Bank, union officials warn. The Finance Sector Union accused fat cat bank bosses of being more interested in profits than the…
Don’t ask, won’t tell

economist.com | 4:24 pm Feb 13, 2012

FITTINGLY for a business that has peddled discretion for 271 years, the Zurich office of Wegelin is easy to miss. But according to an indictment unsealed in New York on February 2nd, Switzerland’s oldest bank brazenly helped its clients dodge American…
ANZ preparing to cut 900 jobs

theage.com.au | 7:19 am Feb 13, 2012
ANZ preparing to cut 1000 jobs

smh.com.au | 2:54 am Feb 13, 2012
ANZ to cut 1000 jobs

theage.com.au | 5:44 am Feb 13, 2012
ANZ job cuts spark fears of more to come

smh.com.au | 1:10 pm Feb 13, 2012
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