FSU calls for a stop to profit pressure
The Finance Sector Union (FSU) claims it is time to challenge the idea that each year must bring with it ever greater profits, since it often leads to job cuts.
The FSU national secretary, Leon Carter (pictured), said as the financial services institutions, particularly the banking sector, create pressure for higher profits, they often decide to cut internal costs and slash jobs.
“The goal is to exponentially increase the return the shareholder, increase the bonuses to inflated executive salaries, or be viewed as having failed,” Carter said.
“This comes at a cost to the workforce and the community, and finance workers will tell anyone who listens how overworked they already are … and how many of them are working thousands of hours of unpaid overtime every year,” he added.
The FSU had also accused the institutions of using rumours of negative investor sentiment to flag job cuts.
Carter claimed Australia’s finance industry, particularly the banking sector, had never been more profitable.
“Yet at the first murmuring of the possibility of economic slowdown we hear calls from self-interested analysts for jobs to be slashed. This short-term thinking needs to end,” Carter said.
Recommended for you
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
Former deputy CEO of AMP Capital, David Atkin, has announced he will be returning to Australia after stepping down as chief executive of the Principles for Responsible Investment organisation.
A global Morgan Stanley report has found 83 per cent of Asia-Pacific individual investors would select a financial adviser based on their sustainable investment offerings, and are most understanding of how ESG can boost returns.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
