Bank workers warned that up to 5000 jobs could be at risk if St George shareholders give the green light to Westpac’s takeover deal at today’s Extraordinary General Meeting in Sydney.

The Finance Sector Union will be voting against the merger on behalf of hundreds of St George shareholders and will be taking a delegation of workers to face shareholders at today’s meeting.

Leon Carter, National Secretary Finance Sector Union said he would be joined by bank workers including Branch Managers, Customer Service Officers, Mortgage Officers and IT staff from Bank SA and St George on the floor of today’s shareholders meeting to make their voice against the takeover heard.

“Despite months of negotiations, Westpac has failed to give any guarantees on jobs or employment conditions for the 9000 employees of St George or those who work at Westpac.

We estimate that out of the thousands of people employed in back office functions 5000 could be lost as duplicate roles in Westpac and St George are cut.

The people who lose their jobs will be joining the unemployment queues as we enter a global downturn in the financial industry’ said Leon Carter.

The FSU warned the reduction in customer choice will affect all Australian bank customers.   McNair Ingenuity Research conducted on behalf of the Finance Sector Union found that three quarters of people believe banks are already too big and powerful and shouldn’t be allowed to get any bigger.

“St George has played a critical role in holding the big four banks in check and providing a unique customer service to thousands of customers. St George shareholders should firmly reject the rise of the mega bank,” said Mr Carter.

The research also found that:
- 86 per cent of people think big banks make too much profit
- 76 per cent of people expected branch closures and 77 per cent of people believe jobs losses will occur following the takeover.
- 81 per cent of people do not trust banks to do the right thing.

ENDS
Door Stop Opportunity
Who: Leon Carter, National Secretary Finance Sector Union and Bank SA/St George Bank Workers
When: 9:00 am, Thursday 13 November 2008
Where: Outside main entrance to St George EGM, Exhibition Hall One, Sydney Exhibition and Convention Centre, Darling Harbour

Spokesperson: Leon Carter, National Secretary FSU 0409 946 597
Media: Gemma Swart 0414 873 291