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Issue No. 263 | 13 May 2005 |
A Fistful of Dollars
Interview: Fortress NSW Unions: Fashions Afield Industrial: Pay Dirt Politics: Infrastructure Blues History: Big Day Out International: Making History Economics: The Fear Factor Review: The Robots Revolt Poetry: The Corporation's Power
Patrick Fails to Hide Asbestos US To Drain More Aussie Brains
The Soapbox The Locker Room Parliament
Labor Council of NSW |
News NAB Cuts More Than Jobs
Finance Sector Union NSW secretary Geoff Derrick says that under anenterprise agreement with 24,000 workers, NAB is prohibited from reducing jobs without a commensurate reduction in overall workload.
"We will be holding them to that agreement and testing the validity of the removal every single position," Derrick says. "This means that, unless the bank can demonstrate how overall workloads will be cut, each staff removal will be considered a breach of the agreement." The business sense behind a strategy that will increase bank queues by 10 per cent is unclear, but Derrick says NAB appears prepared to undermine its long term prospects in order to prop up its ailing share price. The job cuts come after NAB high fliers lost $2 billion in a bad US deal last year and a further $670 million because they cut out workers responsible for checks and balances in their processes "Just last week the NAB admitted it had overcharged customers 10 million dollars because their checks and balances did not work," Derrick says. "Given this track record it is hard to see any justification for cutting jobs." "Only because of the close links between the NAB, the Business Council of Australia and federal government, can the turkeys in charge of this bank get away with even thinking about this." The links between NAB and the BCA are deep with both current chair Graeme Kraehe and incoming chair Michael Chaney sitting on the BCA board that famously called for an end to 'fairness' in the workplace earlier this year.
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