Westpac announced today that a further 55 jobs are in danger of being sent offshore to India which the FSU says is a taste of things to come if the Westpac takeover of St George is allowed to proceed.
 
Employees at the Concord Operational Centre were notified today that a further 55 jobs on top of 105 already sent offshore, would be relocated to Genpact in India.
 
FSU National Policy Director, Rod Masson said the announcement of further offshoring of jobs was an indication of what would unfold as part of Westpac’s new strategy to be Australia’s biggest and leanest bank.

“In  a bid to meet extreme cost savings of up to 25% of St.George’s total cost base and a cost-to-income ratio of 40% in three years as part of the takeover plan for St.George Bank, we will inevitably see more and more offshoring of jobs,

“This is another example of Westpac getting rid of jobs in dribs and drabs to avoid a customer backlash from any large scale job loss. Unfortunately this is only a tiny taste of what’s to come if Westpac takes over St George,” said Mr Masson.
 
The Finance Sector Union believes as many as 5000 jobs in back office, head office, processing and call centres could be lost if the merger is to proceed and that cost savings would be driven by sending many hundreds of jobs offshore to India.

“The jobs identified today to go offshore play an important role in supporting front line staff. When branch staff make a call on behalf of a customer to resolve a problem or answer a query they currently talk to these staff here in Sydney. This is set to change meaning staff will be calling India in order to get a response for customers.”
 
“This trend is a serious risk to the future of the finance industry in Australia, and if Westpac takes over St George, things will only get worse,” said Mr Masson.
 
 
ENDS
 

Spokesperson:   Rod Masson 0408 374 677
Media:               Charlie Stemmer  0432 828 006

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