ANZ bank to cut 800 jobs before Christmas
Sunday, 7 December 2008
SYDNEY, Dec 6 (AFP): Australia's fourth biggest bank, ANZ, will cut a total of 800 jobs before Christmas because of the global financial crisis, reports said today.
Chief executive Mike Smith made the announcement to staff in Melbourne Friday and most of the cuts will be from middle management, the Australian Broadcasting Corporation said.
"The fact that they continue to roll out job losses so close to Christmas is completely unacceptable," said Financial Services Union spokesman Leon Carter.
"This is simply about using the financial crisis as cover to get people to lose their jobs, save costs and maximise money for shareholders.
"They continue to be a very profitable organisation," he said.
ANZ Bank in October posted a 21-per cent fall in annual net profit, its first drop in a decade, after it was hit by growing bad debts and turmoil in global financial markets.
The bank, which was positioning itself as a major power in Asian banking, said net profit for the year ended September 30 stood at 3.32 billion dollars (2.15 billion US), down 21 per cent from 4.18 billion a year earlier.
Chief executive Mike Smith made the announcement to staff in Melbourne Friday and most of the cuts will be from middle management, the Australian Broadcasting Corporation said.
"The fact that they continue to roll out job losses so close to Christmas is completely unacceptable," said Financial Services Union spokesman Leon Carter.
"This is simply about using the financial crisis as cover to get people to lose their jobs, save costs and maximise money for shareholders.
"They continue to be a very profitable organisation," he said.
ANZ Bank in October posted a 21-per cent fall in annual net profit, its first drop in a decade, after it was hit by growing bad debts and turmoil in global financial markets.
The bank, which was positioning itself as a major power in Asian banking, said net profit for the year ended September 30 stood at 3.32 billion dollars (2.15 billion US), down 21 per cent from 4.18 billion a year earlier.