Bank workers have again warned about the dangers of sacrificing jobs to protect profits and have called on the sector to guarantee jobs, as ANZ today announced another solid profit of $3.319 billion.

Rod Masson, Acting National Secretary said this is an excellent result, highlighting the underlying strength of the Australian banking system, and a testament to the efforts of ANZ staff.

“When banks report a fall in profit the typical reaction is a round of short term responses and job cuts which do not create the much needed stability in the banking sector.”

“Now is not the time for short-termism and job slashing. We have an opportunity to promote the stability, skills and services of Australia’s financial industry to the rest of the financially stricken world.”

The ANZ result, down 21 per cent, reflected the exposure the bank has had to the global economic crisis. But results in the major Australian Personal Division were up, reflecting the hard work and professionalism of Australian employees.

“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.”

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
Spokesperson: Rod Masson 0408 374 677
Media: Gemma Swart 0414 873 291