The Finance Sector Union has accused Westpac of making job cuts to boost the banks bottom line after the company announced it will be moving 120 jobs offshore.
The Finance Sector Union has accused Westpac of making job cuts to boost the banks bottom line after the company announced it will be moving 120 jobs offshore.
Westpac is cutting one third of the work force at its wholly owned subsidiary Asgard.
The national secretary of the FSU Leon Carter said the decision 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," he said.
"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," said Mr Carter.
Mr Carter called on Westpac to reverse its decision
"Westpac has a broader responsibility than just pursuing profits at the cost of jobs and skill development," he said.
"The community does not support offshoring and restructuring that banks so regularly engage in."
See statement from FSU below:
The Finance Sector Union (FSU) has today condemned Westpac's decision to cut its Asgard work force in Perth by one third. The decision will see 120 jobs lost from Westpac's wholly owned subsidiary, Asgard's Perth operation.
The FSU said that it showed that the banks were seeking to make cuts to boost their bottom line but at the expense of loyal 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,"
"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. Yet their reward is to lose their job,"
"We are calling on Westpac to reverse this decision and for the bank to consider the responsibility it has to ensure that all states in Australia benefit from its business and not send jobs off shore".
"Westpac has a broader responsibility than just pursuing profits at the cost of jobs and skill development.
"The community does not support offshoring and restructuring that banks so regularly engage in. 90% of the public and 93% of workers want a commitment from the Government and banks to stop offshoring," said Mr Carter.
