Bank closures impact jobs in the financial sector



One of the Big Four banks announced a second round of branch closures within two weeks, signaling more job losses in the financial sector.

Westpac has announced the closure of seven branches in Victoria and Tasmania, and those closures are in addition to the closure of six branches it spoke about at the market on August 30.

These six branch closures announced on August 30 will impact communities in Western Australia, South Australia and Queensland.

The Financial Sector Union said the bank reportedly saw the last group of branches scheduled to close and that it believes Westpac is spreading out announcements of branch closures so that the number of customer service centers that have been closed does not. doesn’t seem important.

“Westpac knew last month that it was closing branches in Victoria and Tasmania and this latest announcement is nothing more than a media stunt to avoid the bad publicity of a big issue,” said Julia Angrisano, national secretary of the union.

“Our branch members are worried that their jobs will be the next one to be lost and this is a difficult issue for staff facing the challenges posed by Covid.

“Westpac is cutting millions of dollars from its cost base and they know exactly what the future looks like. Instead of dribbling closing announcements, Westpac needs to confess and stop trying to avoid negative headlines. “

Angristano said the Westpac bank closures are an indication that the bank is leaving communities that deserve full banking service at physical branches in the suburbs.

“Where does it end? Using COVID coverage to decimate the agency network and put large numbers of employees out of work is obscene, ”Angrisano said.

The union also raised concerns about ANZ’s announced six branch closures on August 2, with those six branches spread across six jurisdictions.

Angrisano said at the time that it was astonishing that one of Australia’s most profitable financial institutions was closing branches.

“Earlier this year, ANZ announced the closure of 15 branches and with the latest closings, the bank will have closed 152 branches since the start of 2020,” Angrisano said.

“This is an unenviable record for a bank that claims to operate in the best interests of customers and staff.”


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