Westpac staff brace for more pain

[Violet_Crumble]

I'm betting Westpac will be the first of the big four not to pass next Tuesday's expected RBA rate cut. Banks bleating about higher funding costs really annoy me

Westpac employees are bracing for the loss of as many as triple the number of job losses already announced this week as the bank adjusts to a weak economy and higher funding costs.

BusinessDay understands that as many as 1500 more positions could be at risk, adding to the cuts of 560 announced yesterday.

Westpac denied that large-scale job cut announcements are in the works. "That information is speculative and incorrect," a spokesman said.

The bank said that yesterday's disclosure would be "the most significant for this year".

"For some time now we have said that staff numbers will be less by the end of the year as we adjust to a slower growth banking environment," Westpac media relations manager Supreet Gosal said.

However, BusinessDay understands staff have been asked to document their daily activities and achievements on a fortnightly basis so that management can identify priorities for retrenchments.



Read more: http://www.theage.com.au/business/westpac-staff-brace-for-more-pain-20120203-1qwxc.html#ixzz1lK2E3TEQ

[peakhillfm]

1. Cutting their own throat

I believe that Westpac and the other banks are fjust interested in their bottom line and NOT on customer service.
I have three accounts with Westpac,and I can tell you that out herein rural NSW we are not impressed with the attitude of the Management.
It appears to us that there is Metro areas and Metro areas and 'who cares' about rural Australia.
The RBA will probably reduce rates next Tuesday,BUT as the NAB stated,that they dont have to reducetheir rates just because the RBA states that they have to.
It really amazes me that the BIG 4 banks make billions of dollars profit (after tax) but they can still cry poor and cut staff and services.
I wont talk to an off shore person as they have no ideas about my account and they just try to 'bluff' thier way to trying to know.
Sorry Westpac,but you have lost one customer here