Westpac needs to halt offshoring jobs: FSU
The Finance Sector Union (FSU) has raised concerns about a Westpac proposal to offshore 16 jobs to the Philippines, amid the bank’s money laundering scandal.
The FSU national assistant secretary, Nathan Rees, said that thousands of Westpac workers performed their roles diligently, legally, and ethically every day and they were “deeply distressed by the allegations, and they are angry” that Westpac board and executive decisions were not reflective of community expectations.
“The offshoring raises serious concerns about quality of service, protection of customer data, and the obvious implications for Australian jobs. The bank has zero credibility on this issue,” Rees said.
“We are calling on Westpac to cease this proposal forthwith, and for it not to be resurrected in any way, shape or form.”
The FSU said the Westpac chair needed to intervene in the matter and halt the offshoring.
“The executive ranks of Westpac have a demonstrated inability to read the public mood, and the board is ultimately responsible for the prevailing culture and strategy in Westpac,” Rees said.
“Lindsay Maxsted must send a strong message that reputation matters more than short-term cost cutting.”
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
