Media releases

• Media releases

A US software giant that part owns a major Australian financial services company has brutally slashed its workforce almost immediately after the expiry of a 12-month firing freeze.  

SS&C Technologies acquired a significant part of Insignia Financial in July last year and began a major restructure to integrate the workforces of the two businesses.  

The Finance Sector Union (FSU) secured a 12-month moratorium on job losses, but as soon as it expired the company has told staff that 170 roles in the Operations, Technology and Delivery teams will be made redundant. 

The remaining Australian staff will undergo a selection process to determine who stays and who will be in line for future redundancies.  

The FSU understands all the jobs in the initial round of redundancies will be performed at SS&C Technologies’ Thai and Indian operations.  

Insignia Financial’s Shadforth and Bridges financial advice business will also axe 59 staff with their jobs also going to the Philippines.  

The union has lodged a dispute with SS&C and Insignia Financial and will escalate it to the Fair Work Commission if needed. 

In the past month, Bendigo Bank and the Commonwealth Bank of Australia have also used offshoring partnerships to move hundreds of mostly technology jobs overseas. 

Quotes from FSU National President Wendy Streets:  

“Offshoring is a cancer that continues to spread across the entire Australian finance sector,” Ms Streets said.  

“SS&C Technologies, headquartered in business tax friendly Connecticut, is just the latest company to sell out its Australian workforce.  

“It puzzling to think that SS&C Technologies bought half off Insignia Financial last year to get a toehold on Australian finance and now, less than a year later, they are abandoning this country in favour of Asian countries known for their poor pay and conditions. 

“Remember also that SS&C Technologies is an American-owned global company – every decision about the company is made in America and people in Australia have no decision-making ability. 

“The FSU has lodged a dispute with both companies and will not relent until they are held to account for treating Australian workers like pawns in a fruitless global chess game.” 

Media contact – Sam Burgess 0434 165 630 or [email protected]