FSU warns NAB chief on potential job cuts
Speculation is rife that National Australia Bank (NAB) chief Cameron Clyne will announce job cuts in his upcoming strategy speech, but profitable organisations such as Australian banks should take a more long-term view to employment, the Financial Sector Union (FSU) has warned.
FSU national policy director Rod Masson said Clyne has the opportunity to break the mould and invest in skills by refraining from job cuts when the incoming chief outlines his strategy this Thursday.
Masson said while it has not been confirmed that Clyne would announce job cuts, the FSU believes it is important that the bank maintains jobs and invests in skills.
“From the union’s point of view, we say slashing jobs is not the response required from profitable Australian companies and what is really needed is a longer term, deeper thought out strategy from banks,” he said.
Masson’s message to the bank is to “think seriously about the skills, think seriously about other alternatives to redundancies, rather than just taking the … tired old measure of announcing major job cuts as the new [chief executive] comes in”.
Masson said profitable organisations such as Australian banks should take a broader view about the longer term and how they can cultivate the skills necessary to grow once the economic situation turns around.
Masson said while smaller businesses or businesses that are making losses may have a reason to implement redundancies, when it comes to profitable organisations, “there is no reason for them to start whacking their employees on the head”.
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
