St George-Westpac merger to go ahead, thousands of jobs face the axe

The merger between Westpac and Australia’s fourth largest bank, St George, passed the final hurdle yesterday with the ‘yes’ vote of St George shareholders. Meanwhile, media reports say thousands of jobs may go as a result of the merge.

A Westpac spokesperson told The Australian newspaper that no target has been set for redundancies but there would be job reductions “where there is duplication in the back office and head office.”

Finsec’s sister union the FSU has said that up to 5000 jobs could be lost in total. National secretary Leon Carter says the merger is a move towards a monopoly. “This is Westpac deciding to grow its market share by taking over a competitor.”

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