The Finance Sector Union (FSU) is putting urgent questions to ANZ CEO Nuno Matos and the board at the bank’s Annual General Meeting (AGM) over their handling of 3,500 job cuts and the severe psychological harm reported by workers.
The union will raise questions at the AGM today on behalf of workers who cannot safely speak publicly due to ANZ’s hostile approach towards staff.
The union said ANZ’s behaviour towards workers had been both reckless and destabilising and that the bank’s leadership had showed contempt for workers.
The union has also written to shareholders urging them to reconsider their investment in ANZ given the governance and workplace health and safety risks associated with the cuts.
The letter calls on shareholders to put direct questions to the ANZ board about the job cuts, ANZ’s breach of its own values and the long-term productivity risks of a traumatised workforce.
FSU’s recent survey of ANZ staff found 69 per cent of workers reported high or very high levels of psychological distress and 74 per cent felt unsafe raising concerns.
Another 72 per cent said the pace of change was harming their wellbeing and many described the job cuts as ‘relentless’, ‘crushing’ and ‘inhumane’.
The FSU has also called on state-based WHS regulators to launch an urgent investigation into ANZ’s handling of the 3,500 job cuts, including whether the bank failed in its duty to protect workers from psychological harm.
The full FSU report on the impacts of ANZ’s job cuts, including worker testimonies and investor recommendations is available here.
“Nuno Matos has overseen one of the most damaging restructures in the bank’s history and workers deserve answers.
“While the bank has been celebrating another year of major profits, thousands of workers have been pushed into anxiety, sleeplessness and fear.
“Investors cannot ignore the scale of damage being done inside this bank. If ANZ leadership won’t take workers’ wellbeing seriously, then shareholders must.
“ANZ has created a climate of fear where workers are too frightened to appear in the media or speak openly.”
“These changes are significantly and disproportionately affecting staff in minority groups, and no additional support is being given to these staff or the networks they seek help and/or support from.”
“I cry every morning before I log in. I don’t know if today is the day I lose my job.”
“I have never felt more disposable, the uncertainty is destroying our health and families.”
“I’ve fallen through the cracks. It’s absolutely shaken my self confidence. I have no manager or support structure through this process, it’s awful.”
“Twice I’ve lost my pregnancy after I experienced unimaginable stress from ANZ.”
“They are not cutting the fat, they are cutting whoever is the most expensive which is often the best talent we have.”
Media contact: Kate Shuttleworth – 0447 418 726
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