Finance Sector Union respone to Westpac results


The tricky language banks use to disguise their true intentions was on display in today’s Westpac half-yearly results.

Finance Sector Union national secretary Julia Angrisano said a close reading of Westpac’s statements reveals what lies behind it’s banking double-speak.

“Make no mistake, when Westpac talks about ‘simplification,’ what it really means is customers and staff can expect more branch closures and job losses,” Ms Angrisano said.

“There is clear evidence that the campaign to push more customers onto digital banking will leave older people, especially those in rural and regional areas with fewer choices about where and how they do their banking.”

“These forgotten Australians are being discarded by Westpac which only a month ago announced it would close or amalgamate 48 branches around Australia.”

“There is real concern among staff at the Westpac Group, including St George Bank, Bank SA and the Bank of Melbourne, that their branches will be the next to close and they will be left without jobs.”

“Despite bumper half yearly results, the FSU expects an accelerated program of branch closures.”

“Workers should not be forced to pay for Westpac’s mistakes. The Austrac scandal which cost the bank $1.3 billion was a result of cost cutting and lack of investment in infrastructure, process and resources.”

“Staff at Westpac have worked hard to achieve a solid profit during the difficult circumstances brought about by the pandemic and they should be rewarded with a decent salary rise.”

/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length.