The Dirty Secret Australian Banks Are Hiding in Front of the Public. Westpac to Slash Over 300 Frontline Jobs While Bank’s Profits Skyrocket
More than 300 families have received the sudden and devastating news that Westpac plans to axe their jobs in the middle of a cost-of-living crisis, all while the bank’s profits continue to skyrocket.
Westpac yesterday announced it would slash jobs from the Consumer and Business Banking Division, including technology workers and frontline services that provide essential customer support. Those hardest hit are at Barangaroo, Kent Street and Kogarah, but job cuts are taking place right across the country.
Westpac also said it would close five branches (three in Victoria and two in New South Wales) by mid-July with no guarantee of ongoing employment for staff at these branches, adding to these already devastating cuts.
Finance Sector Union (FSU) National Secretary Julia Angrisano condemned the cuts and said it came without any prior warning or proper consultation.
“Westpac workers have already been struggling with excessive workload demands, and these cuts mean those who are left behind will need to do more with less,” Ms. Angrisano said.
“This will have a significant impact on frontline customer service and workers’ ability to deliver the level of support the community wants and deserves.
“To deliver these cuts in such a callous manner amid one of the worst cost-of-living crises we have ever experienced is a blow staff and their families cannot afford.”
Westpac’s decision to slash jobs comes merely a month after the bank posted skyrocketing profits, having recently announced a half-yearly 22% jump in profits to $4 billion.
Ms. Angrisano said it clearly demonstrated Westpac was making a choice to prioritise profits over people and continuing to abandon customers and the community.
“This is a very profitable bank built off the backs of hardworking staff who go above and beyond every day,” she said.
“No reason has been provided for these arbitrary job cuts, and it’s just a slap in the face to those who have worked so hard to get the bank to where it is today. It shows a blatant disregard for its staff, customers, and communities.
“It’s just not good enough, and the FSU will be fighting back against this appalling and short-sighted decision.”
The FSU will be holding an urgent meeting with impacted Westpac staff today.
What Westpac and other banks aren’t telling Australians is that they can’t compete with fintech and cryptocurrency companies that can offer superior banking services, without the need for a single branch.
Banks have billions invested in old legacy IT and are largely controlled by the Central banks, which also plan to cut their lunch with the planned launch of CBDC’s.
That’s why you are seeing so many banks in the States collapse and a further 720 that are effectively insolvent if they had to realise their current losses.
Also, many are fleeing the US and Western banking system, which has led to the BRICS nations accelerating their plans for a BRICS reserve currency and a BRICS development bank.
BRICS Digital Bank plans to also launch soon and is behind BRICSTether.com a 100% asset-baked stable coin paying 10% Per annum.
Banks are at most 6% asset-backed due to their ability to fractional reserve land (meaning if we all tried to get our money back we’d be lucky to get 6% back) and they don’t offer 10% Pa returns.
Thus, why they will struggle to compete with digital banks and new stable coins like BRICSTether.com