Media Release
Monday 18th October 2010
Westpac turns its back on 120 Perth workers at Asgard
The Finance Sector Union (FSU) has today condemned Westpac’s decision to cut its
Asgard work force in Perth by one third. The decision will see 120 jobs lost from
Westpac’s wholly owned subsidiary, Asgard’s Perth operation.
The FSU said that it showed that the banks were seeking to make cuts to boost their
bottom line but at the expense of loyal workers and the Western Australian community.
Leon Carter, National Secretary of the Finance Sector Union, said the banks’ decision to
offshore was unacceptable and reflected a view that maximising profits was all Westpac
was interested in.
“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 and hinting that it will lift home loan interest rates above RBA
movements,”
“Banks have a responsibility to ensure that staff and customers are not always being put
second to the interests of higher profit and higher executive remuneration. The workers
at Asgard in Perth have been loyal and productive employees contributing to these
record profits. Yet their reward is to lose their job,”
“We are calling on Westpac to reverse this decision and for the bank to consider the
responsibility it has to ensure that all states in Australia benefit from its business and not
send jobs off shore”.
“Westpac has a broader responsibility than just pursuing profits at the cost of jobs and
skill development.
“The community does not support offshoring and restructuring that banks so regularly
engage in. 90% of the public and 93% of workers want a commitment from the
Government and banks to stop offshoring,” said Mr Carter.
Ends
Spokesperson:
Di Marshall, State Secretary WA, 0419 915 794
Media:
Leanne Shingles, 0423 821 773
NEWS 
