Workers who helped deliver Westpac’s biggest ever profit should not be the next victims of the cost cutting machine, the Finance Sector Union said today.

Acting FSU National Secretary Chris Gambian said Westpac’s full year net profit of $6.991 billion, a 10% increase on last year’s figure, is a great result that was made possible by the contribution of the of bank’s 30,000-plus workforce.

“It’s incredibly disappointing that the productivity plans announced today mean the same employees that helped deliver this great result are now watching their backs lest they become the next victim of the bank’s cost cutting,” said Mr Gambian.

“Given the bank has just announced its biggest ever profit there is no excuse for cutting costs, cutting jobs or cutting services to customers.”

Westpac has reduced job numbers by over 1,000 in the preceding year, and while the bank says it is pushing ahead with productivity plans that will include “outsourcing of some activities” the bank’s report to investors today does not provide any detail on which operational areas are at risk or which jobs will be targeted. 

“Westpac should come clean about their plans for the coming year and stop fudging the issue with weasel words. The language clearly indicates offshoring is on the agenda – Westpac employees are owed a clear explanation of what that means for them, and their jobs,” said Mr Gambian.

“Westpac has cause to celebrate today’s results, but senior executives should remember the workers and community which made them possible by investing in jobs and skills in Australia” said Mr Gambian.

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Spokesperson:   Chris Gambian  0438 898 198

Media:    Leanne Shingles  0423 821 773