|
Issue No. 149 | 23 August 2002 |
Our Historical Mission
Interview: Something Smells Cole-Watch: Credibility Crisis Unions: Union Cities Industrial: Lib Men Gang Up Against Working Mums History: Eureka! East Timor: Don�t Rob Their Future Review: Black Chicks Say It All Poetry: Self Regulation
Cole to Hear of Criminal Takeover Conspiracy ANZ Fined Over Freedom Of Speech Breach Qantas Union's Gorilla Tactics Shearers Black Ban Their Hall Of Fame Democrats Fire Shot for Workers Teachers Walk Out At Aust College of Technology Airport Security Worker Spat At And Assaulted CBA Workers Say Enough Is Enough Doco Dishes Dirt On Howard�s Gas Wrangle
The Soapbox The Locker Room Postcard Week in Review Bosswatch
Susan's Soccer Outrage
Labor Council of NSW |
Tool Shed Psycho Teller
The man with the big ears and brave comb-over may still look like a suburban bank teller, but he's gone a long way towards destroying the career that gave him an entr�e' into the world of international finance. In a decade at the top of the Commonwealth Bank Murray has stripped staff, closed branches and hiked up customer fees transforming the People's Bank into just another bastard institution. He was at it again this week, delivering the old one-two that has given banks the image they endure today: for shareholders a $2.65 billion profit; for the general public 1,000 fewer workers to serve them. He didn't even bother to tell the workforce they would be taking another three per cent blow until the fair accompli went live. For Dave, the workers - and the public for that matter - can go to hell. As Anthony La Plagia's inspired character in 'The Bank' says: "our shareholders are our society". And for those with shares, job cuts are good news and so the share price rose after Murray delivered the killer blow. It's the way of modern banking; profits and market value are all. Customers are an inefficiency that should be discouraged by fees. As for staff, they are an unsustainable input. It makes you wonder why these institutions still carry the name 'bank' - aren't they just a floating pool of capital? In announcing the job cuts, Murray made big play of the fact that the bank was ending executive share option schemes. But like so much of so-called 'corporate reform', you have to wonder if the horse has bolted given Old Comb Over himself is already sitting on $80 million worth of the little inducements to maximise short term profits. After all if I won Lotto 80 times I'd probably stop buying tickets too! Instead, executive salary packages will be pumped up even further, with Murray's current mix of $1.45 base and $450K bonus heading north. Compare that to the average teller's salary of $32K and you wonder why it's the tellers and not the managers facing the axe. Yet still Murray has the gall to claim "excellent staff is CBA's one sustainable competitive advantage" - so why get rid of them, David? The Comb Over has transformed into the psycho teller from hell. He earns the equivalent of 63 tellers. He's closed 870 branches since taking over the top job in 1991. Before this week he'd cut around 19,000 of their jobs. Makes you wonder what sort of time he had behind the counter. Was it one customer too many with the bags of two cent pieces? What was it that made him snap and seek the ultimate revenge. His life has now become a one man mission to wipe out the occupation that he so hated. This week he went close to delivering the killer blow.
View our Gallery of Tools Nominate a Tool!
|
Search All Issues | Latest Issue | Previous Issues | Print Latest Issue |
© 1999-2002 Workers Online |
|