Job cuts in Perth, Adelaide

Finsec’s sister union the Finance Sector Union (FSU) has condemned the loss of a couple of hundred jobs this week at Westpac and the Commonwealth Bank. Work is being moved offshore or to Sydney, and away from Perth and Adelaide.

Westpac are cutting 120 jobs from their subsidiary Asgard in Perth.  “This decision, dressed up in the language of a strategic review by Westpac, is all about cutting jobs in Perth and sending some of the work overseas and some to Sydney for no other reason than to boost profit. And this is at a time when Westpac is experiencing record profitability,” said FSU General Secretary Leon Carter.

The Commonwealth Bank job cuts are in their Mortgage Services operation in Adelaide, which is being closed and the work moved to Sydney. This announcement comes hot on the heels of the bank’s record profit of $6 billion, and a 75% increase in CEO remuneration.

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