Proposed redundancies at BNZ

The Herald on Sunday has reported that the BNZ is proposing to make more than half of its mobile mortgage managers redundant, cutting the team from 52 to 22 to “increase efficiency.” Media speculation has continued that the job losses are part of the response to the credit crunch and the downturn in the
housing market.

Finsec Campaigns Director Andrew Campbell has expressed concerns that the BNZ is moving away from offering dedicated support to customers making important financial decisions. He also says that the financial sector’s approach to the economic slump is short-sighted.

“Companies who invest in staff and infrastructure during a recession are much better placed to grow when the economy recovers,” said Campbell. “Business is cyclical and constant restructuring is bad for customers and for staff, and is an impediment to growth and profit.”

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