The Finance Sector Union says the Commonwealth Bank is opportunistically using the cover of the financial crisis as an excuse for dumping scores of finance sector jobs.
 
“The Commonwealth Bank can’t have it both ways. In August, they posted a $3.7 billion profit for the year. They snared Bank West at a bargain price, and were boasting about their solid financial performance,” Finance Sector Union Acting National Secretary Rod Masson said.
 
“Having gone on a shopping spree, it now wants to punish workers at a time when the Australian taxpayer is underwriting CBA’s deposits and inter-bank loan risks.
 
“Slashing jobs at time when the sector is crying out for some stability is short sighted and counter productive,” said Mr Masson.
 
The CBA is Australia’s largest bank and one of the most profitable.  It is the third financial institution to announce job cuts in recent days after ANZ said it would spend $100 million on restructuring and GE Money said it would axe 335 Australian staff.

“The CBA is in a strong position to manage its way through the current financial crisis and shouldn’t be using this current situation as an excuse to slash jobs.

“The recent Federal Government intervention in the Australian finance industry has provided even greater stability to our sector.
 
“However, taxpayer funded guarantees must be balanced by guarantees on jobs and professional banking standards.
 
“Bank workers need job security so they can focus on delivering professional services to customers,” said Mr Masson.
 
The Finance Sector Union has put forward three conditions as part of the taxpayer funded finance plan:
•   Protection of finance sector jobs;
•   A commitment to retaining competition in the banking industry;
•   Mandatory adherence to Responsible Lending practices.
 
ENDS

Contact:

Spokesperson: Rod Masson, Acting National Secretary, 0408 374 677
Media: Gemma Swart, 0414 873 291