News that Westpac is proposing a takeover of St George and Bank SA has shaken up Australia’s finance industry.

The news comes hot on the heels of QBE’s bid for IAG. The IAG board have rejected the bid, but the prospect of merging Australia’s two largest insurance companies remains a very real possibility.

There’s now public speculation that others in the group of Big Four banks are eyeing off smaller competitors for possible takeovers.

All of this might be good news for shareholders, who stand to gain significant windfalls, and for the large employers who are looking for ways to eliminate competitors and increase their market share and profits. But it’s definitely bad news for customers, who will have less choice when considering their finance and insurance options, and it is worse news for staff.

We’ve seen mergers and takeovers in the finance industry before. In all cases, jobs numbering in their thousands have been scrapped.

This is now a very real fear for the workforce at St George, Bank SA and Westpac.

Jobs in head office, back offices and processing centres, call centres, and branches in suburban and regional communities are all at risk if Westpac’s takeover bid succeeds.

FSU is committed to opposing Westpac’s takeover, and protecting the interests of members.

The union plans to take the campaign to the banks, their shareholders and the communities these institutions serve.

In order to be the voice of members in this campaign, we need to understand what members’ expectations are, and what members are prepared to do in the campaign.

I urge all FSU members with an interest in Westpac’s proposed takeover to complete our short survey as soon as possible.

You can also have your say on our online forum and take other direct action via the campaign page.