FSU warns NAB that 6,000 job axings fail community expectations

fsu Finance Sector Union NAB Julia Angrisano

20 February 2018
| By Hannah Wootton |
image
image
expand image

The Finance Sector Union of Australia (FSU) has condemned the National Australia Bank (NAB) ahead of the start of its program to axe 6,000 jobs, saying that the dismissals do not meet community expectations.

With the spotlight on banks and their reputations, the FSU said that NAB should take this opportunity to rebuild its brand.

“Australians are watching the actions of our banks closely. Any bank that is serious about restoring its broader reputation has to demonstrate it treats its staff fairly and decently,” the FSU said.

The Union said that the retrenchments showed how underprepared both the Government and banks were to deal with the consequences of digitisation and automation.

NAB would create 2,000 new technology roles while axing 6,000 other jobs. FSU national secretary, Julia Angrisano, said that there was no plan to reskill the existing, with those employees instead being “left behind.”

“Post-retrenchment support is too little too late, workers need to be reskilled to move into the jobs of the future now,” she said. “It’s critical the Government and Industry put workers first. Without workers, there is no finance sector.”

Having made a $6.7 billion profit last year, Angrisano said that Nab could afford to retrain its workers.

The FSU is currently building an industry plan that it said would guide a fair transition for workers in the finance sector to the jobs of the future.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 21 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 weeks ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

6 days 1 hour ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 4 hours ago