The Australian Finance Sector Union (FSU) is asking the Australian Federal Government to review all bank licensing arrangements to ensure back office jobs stay in Australia. The union’s call follows a report that Westpac is expected to shift the work of up to 3000 of its back office staff to overseas locations such as India during the next three years.
FSU secretary Leon Carter said the bank’s move would hollow out the Australian finance industry, leaving a nation of bank shopfronts. “Swiping out more than 3000 of these jobs will mean that only the façade of an Australian bank would be left behind.”
Carter said that Westpac was carving up its business and its local employees were being treated as “offcuts”.
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