Westpac change of guard chance to end excess culture

Media Release: FIRST Union
Friday March 9, 2012

Westpac change of guard provides chance to end excess culture at the top

New leadership at Westpac bank means it’s a good time for a change of culture in the organisation, the union for bank workers said today.

Westpac NZ CEO George Frazis is leaving the New Zealand operation, returning to Australia.

Andrew Casidy, Finance Secretary of FIRST Union, said that a rebalancing was needed, away from simply repatriating big profits back to Australia and paying $5.8 million CEO salaries, to an organisation where its loyal workforce was prioritised more.

A key concern for Westpac and other bank workers was unfair target systems, which served to drive more debt onto communities and create stress for bank workers, he said.

“Despite the global financial crisis, and the Canterbury earthquake, Westpac has escalated its sales targets regime in the last two years.”

“Staff are paying the price for Westpac persisting with unrealistic and irresponsible sales targets. Customers expect more of the banks and are turned off by these practices.”

“Westpac is a wealthy employer who could and should be leading by example with better work practises,” Andrew Casidy said.

At the end of last year Westpac announced a 41% rise in New Zealand annual cash earnings, he said.

Andrew Casidy said FIRST Union would welcome the opportunity to brief incoming CEO Peter Clare on these and other matters for Westpac workers.

Ends.

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