Westpac looking to save $300 million from St George merger

Westpac Australia and St George bank have signed a formal merger agreement which outlines the costs of merging and the savings expected to be made as a result of the deal.

Westpac are looking to cut St George Bank’s costs by 20-25 percent a year, according to an story published in The Australian this week available here http://www.theaustralian.news.com.au/story/0,25197,23762833-20501,00.html

Finsec’s sister union in Australia, the Finance Sector Union said that only an extremely aggressive attack on bank workers will reap the proposed savings of 25% of St George’s costs in three years. “The merger agreement identifies large-scale job losses in head office, support and back office areas,”

The FSU released an online poll of 1000 people this week that found 80 per cent of respondents did not trust promises made by the banks that there would be no branch closures or job losses, as a result of mergers like Westpac and St George.

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