Media Alert
For Immediate Release
$6 billion not enough, bank says it was them or you
to staff.
Reports in the Herald Sun this morning demonstrate just how arrogant our bank chiefs are
says the Finance Sector Union.
The Herald Sun reported that Ralph Norris has faced the media on his return to Australia
pleading with customers not to take out their anger over Tuesday’s .45% interest rate hike on
front line employees.
The report also goes on to say that an internal memo to staff outlines that it was a decision
between slugging customers an extra $50 per week or sacking employees. The memo also
advised staff not to wear their uniform in public but offered little real support.
The decision apparently had to be taken despite the Commonwealth posting a record $6
billion in cash earnings last year.
Acting National Secretary, Wendy Streets, said “Credit where credit is due, at least Mr.
Norris stood up and took the blame for his decision and tried to defend CBA employees.
That’s more than we can say for some other bank bosses.”
“But it is a bit rich when at the same time internal memos are floating around seeking to
divide employees from their customers in a classic ‘just be thankful it wasn’t your job’
threat”
“Perhaps Mr. Norris and his fellow bank executives might reflect about why people are angry
with our banks. If he doesn’t want customers and employees to be angry he shouldn’t have
increased rates 20 basis points beyond the Reserve’s move.”
“While our members in CBA absolutely should not have to put up with abuse, they
understand their customers’ anger and they know who is to blame. Telling them that ‘if we
didn’t do it to customers we would have had to sack people’ only adds fuel to the fire”
“When one bank alone is making $6 billion in cash earnings and their CEO receives a 75%
increase in remuneration to $16 million a year, both employees and customers have every
right to ask when is enough, enough?”
“CBA employees want their bank and all Australian banks to be better. They support the need
for the Government to step in and curtail this arrogant behavior. Customers should join with
them in this call by visiting www.better-banking.org”
Ends
Spokesperson:
Wendy Streets, Acting National Secretary, 0419 586 727
Media:
Rod Masson, 0408 374 677
NEWS 
