The Finsec campaign for banks to move the focus from shareholder dividends to their social responsibility gained traction this week with Finance Minister Bill English’s warning that banks should adjust their profit expectations during the recession.
English told National Radio yesterday that the government is taking on more risk through guaranteeing deposits and raising money from overseas. He said that the banks should understand that their margins should not be as high as they were previously.
English’s comments are moving in the same direction of Finsec’s petition calling for banks to maintain staffing levels as a condition of the guarantee schemes. With 50% of Finsec members getting along to Better Banks meetings in the last week and getting petition forms to sign, we are in a good position to influence the government to take action to protect our jobs.
If you don’t have a petition form, get one from the Finsec website
http://www.finsec.org.nz/betterbanks/2009/Keep%20NZers%20in%20work%20petition.pdf
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