Job cuts at BNZ still on the cards


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Despite significant media speculation that job losses would be announced in the BNZ this week, its parent company NAB’s “strategic blueprint” announcement on Thursday averted anyone loosing their job.

In discussions with BNZ senior management yesterday Finsec asked for and was given a blanket assurance that no jobs in New Zealand would be lost as a result of this particular announcement.

However in today’s New Zealand Herald BNZ spokesperson Diane Maxwell confirmed that future job losses are on the cards. “We will be looking at job losses but they are not related to today,” she said.

Yesterday’s announcement covered plans to:
•    Focus on NAB retail in Australia
•    Cut dividends by 25% this half year
•    Continue to focus on cost control
•    Establish a Service Company department to look at synergies across the group
•    Introduce a new GM structure in Australia

Finsec has welcomed the announcement of the dividend cut as an alternative to cutting jobs and a more socially responsible response to the recession.

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1 Response to “Job cuts at BNZ still on the cards”


  1. 1 shaun 25 March, 2009 at 4:16 pm

    this is laughable. BNZ made its fleet of mobile mortgage managers redundant in October 2008 with the exception of maybe 10 out of 55 when the remaining 10 are overworked, stressed and in dire need of some respite. record profits and a seasonal lull in home lending resulted in swift action that in hindsight was unneccesary and has resulted in poor customer satisfaction. For those of us who were displaced it is nearly 6 months now with no work while trying to service our bnz home loans and support family while bnz ride on a massive 53% profit increase. Where is the justice as we where displaced weeks before the natinal party initiative to support redundancies from the international credit crisis and not eligible for any welfare support. we survive but getting more indebt to bnz at market interest rates – contributing to their obscene profit reports. no govt dept or union organisation has shown their hand to support any of us.


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