Bear Stearns buyout – any NZ fallout?

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Finsec is challenging speculation that the bargain basement buyout of US investment bank Bear Stearns will affect jobs in the New Zealand banking sector. 

The US Federal Reserve is securing JPMorgan Chase’s purchase of Bear Stearns amid concerns that many of Bear Stearns’ 14,000 jobs will be lost. Some New Zealand commentators have been asking whether the credit crunch will hit New Zealand bank customers and staff. 

Finsec’s Campaign Director Andrew Campbell told Radio Live’s Gemma Dempsey during an interview this week that there is no justification to cut bank jobs in New Zealand given the major banks recent profit announcements.

“Cutting jobs is the worst things the major banks could do in the current economic environment,” said Campbell. “Major corporates like the banks with healthy bottom lines need to further invest in staff at this time. Cuts would only hurt the economic growth that the banks need to continue to show healthy profits.”

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