CBA STAFF PENALISED FOR SINS OF SENIOR MANAGEMENT

Finance Sector Union of Australia

17 August 2018

Thousands of CBA employees are being punished for the sins of senior managers, with cuts to the annual grant of shares reduced from the usual $1000 to an allocation of just $550.

The Finance Sector Union of Australia (FSU) is calling on the board and chief executive of the Commonwealth Bank to reinstate this annual share allocation to the full $1000.

“It is grossly unfair for the CBA to penalise and punish its employees for the year of turmoil the bank has experienced,” said FSU National Secretary Julia Angrisano.

CBA employees this week were informed that CBA had failed to meet the hurdles for granting a full Employee Share reward.

“This has occurred despite a 2.6% increase in revenue driven by the hard work and commitment of CBA workers through what has been a difficult year,” Ms Angrisano said.

“Cash profit is down by 4.8% due mainly to a $700 million penalty for the AUSTRAC saga, $155 million to pay for costs associated with the Royal commission, class actions and investigations by the regulators and putting aside a further $234 million for additional risk and compliance provisions.”

“It is clear that hard working CBA employees are paying for the failures of CBA executives”

“The FSU believes CBA staff have done a great job to produce such excellent results in light of the bank’s difficulties and they should be rewarded for their efforts.”

“This is penny pinching by a bank that has made some very poor decisions at the top.”

“At a time when wages are flat and even the Reserve Bank Governor is saying workers need a wage increase to lift economic activity, the CBA should be looking to its most valuable assets, its staff, and rewarding them for perseverance and loyalty.”

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