Westpac reversal over offshore jobs a ‘win for common sense’
Westpac has reversed its decision to offshore 16 jobs to the Philippines, the Financial Sector Union (FSU) has announced.
The FSU recently called on the bank to reconsider the decision after staff in the personal banking service centre were notified they would lose their jobs.
FSU national assistant, Nathan Rees, said the reversal was a “win for common sense” as the bank was unable to legal account for foreign exchange transactions going into the Philippines, raising customer data protection issues.
“If Westpac has learned anything from its current problems it is to realise the importance of getting its core business right, instead of continually seeking cost cuts,” Rees said.
“It made no sense to push these loyal Westpac workers out the door and onto the unemployment queue.
“Westpac has thousands staff who will continue to work together to maintain the bank’s operations and service delivery to customers while the upper echelon sorts out its problems and a new chair and chief executive are found.”
FSU noted that it would continue to be concerned about Westpac’s management given the Austrac scandal.
Recommended for you
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
Perth advice firm Integro Private Wealth has appointed a head of advice to spearhead a major business development initiative to expand nationwide.
AZ NGA has taken a larger stake in ex-AMP advice firm Geographe Financial Group, triggering leadership changes as it prepares for future M&A growth opportunities.
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
