"By sacking people it (ANZ) was able to boost profit significantly. Put simply, a reduction in headcount produced 22 per cent of the increase in profit from the first half of 2012 to the first half of 2013."
Sydney Morning Herald, 1st May 2013
In their latest public announcement of impressive facts and figures in reporting the half year result, ANZ continue to prove that their profits are more important to the bank than their people. Disappointingly there is no mention given to the people whose jobs and livelihoods have been lost in order to achieve this outcome.
In an interesting comparison, the number of FTE jobs at Wespac has actually increased at the same time as the bank reported a 10% profit increase - demonstrating that profit does not actually have to come at the expense of jobs.
Culling jobs in order to boost profits is indicative of pure and relentless corporate greed.
Our finance industry is the most stable and successful in the world, and workers should therefore be entitled to job security and their fair share of these astronomical profits. There is no excuse for finance sector workers to be losing their jobs when they work in the country’s most profitable industry. If billion dollar companies like ANZ are making money out of our communities then it’s time they started returning the favour and investing in Australian jobs and skills.
NAB’s half-year results were announced today. The bank reported cash earnings of $2.92 billion, up 3.1 per cent rise, and a 22.8 per cent increase in net profit to $2.52 billion.
In achieving this result NAB cut jobs by 731 FTE globally, driven by a reduction in the UK of 795 FTE jobs.
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