Bank workers have welcomed NAB’s result and commitment to staff and customers as a positive way forward through the global financial crisis.

NAB has announced a profit of $3.9 billion, and Leanne Shingles, Acting National Policy & Communications Director said the bank profit was a testament to staff. NAB employ 22,000 staff, and is the second largest bank in Australia.

“This is an excellent result in tough times, and we’re pleased that NAB is recognising and rewarding the excellent customer service provided by staff.”

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

“We can only hope that other banks follow NAB’s lead, and invest in their people, rather than slash jobs.”

The NAB’s Australian result, up 15.8% reflected the comparative strength of Australian banks against the global situation.

“The global financial crisis has exposed the culture of greed that drives high profit margins, but does not automatically protect customers or the workers who provide a professional service to bank customers,” said Leanne Shingles.

“The recent Federal government intervention to guarantee customer deposits and short term funding issues provides even greater stability to the Australian financial sector.”

“Taxpayer funded guarantees must be balanced by guarantees on jobs and professional banking standards.”

“Bank workers need to have some security to know their jobs are being protected, so they can in turn, continue to deliver professional service to customers.”

The Finance Sector Union has put forward 3 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: Leanne Shingles 0423 821 773
Media: Gemma Swart 0414 873 291